Zacks Investment Research downgraded shares of Range Resources Corporation (NYSE:RRC) from a hold rating to a sell rating in a research report sent to investors on Friday.
According to Zacks, “More than 60% of Range Resources reserves are tilted toward natural gas. Therefore, the company’s results are vulnerable to declining natural gas price. These factors may impact the value of estimated proved reserves that could lead the company’s lender to lower the borrowing base. Other risks such as cost inflation, project delays and regulatory filings continue to weigh on the stock. Additionally, Range Resources is governed by several stringent regulations, especially in the Marcellus Shale, the Appalachian Basin and the southwestern U.S., where it has a vast acreage. Over the last three months, the company’s shares have also underperformed the industry.”
A number of other research analysts also recently commented on RRC. Jefferies Group LLC set a $36.00 price objective on shares of Range Resources Corporation and gave the company a buy rating in a research report on Tuesday, August 29th. Cowen and Company reaffirmed a buy rating and set a $35.00 price objective on shares of Range Resources Corporation in a research report on Tuesday, August 22nd. Citigroup Inc. lowered their price objective on shares of Range Resources Corporation from $34.00 to $30.00 and set a buy rating on the stock in a research report on Tuesday, August 15th. Stifel Nicolaus reaffirmed a buy rating and set a $20.00 price objective on shares of Range Resources Corporation in a research report on Thursday, August 10th. Finally, BMO Capital Markets set a $35.00 price objective on shares of Range Resources Corporation and gave the company a buy rating in a research report on Monday, June 26th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $33.89.
Shares of Range Resources Corporation (NYSE:RRC) traded down 1.82% during mid-day trading on Friday, reaching $19.44. 3,995,318 shares of the company were exchanged. The company’s 50 day moving average price is $18.87 and its 200 day moving average price is $22.29. Range Resources Corporation has a 12 month low of $16.00 and a 12 month high of $39.64. The firm has a market capitalization of $4.74 billion, a PE ratio of 131.35 and a beta of 0.95.
Range Resources Corporation (NYSE:RRC) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas exploration company reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.20. Range Resources Corporation had a net margin of 1.75% and a return on equity of 0.67%. The business had revenue of $565.00 million for the quarter, compared to analyst estimates of $544.08 million. During the same quarter in the previous year, the business earned ($1.35) earnings per share. The firm’s revenue was up 55.8% compared to the same quarter last year. Equities analysts anticipate that Range Resources Corporation will post $0.50 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Thursday, September 14th. Range Resources Corporation’s dividend payout ratio is 100.01%.
In other news, Director Mary Ralph Lowe bought 10,000 shares of the stock in a transaction dated Friday, August 4th. The shares were acquired at an average price of $17.99 per share, with a total value of $179,900.00. Following the acquisition, the director now owns 25,413 shares in the company, valued at $457,179.87. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steffen E. Palko bought 15,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was purchased at an average cost of $16.81 per share, for a total transaction of $252,150.00. Following the acquisition, the director now owns 27,267 shares in the company, valued at approximately $458,358.27. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 26,000 shares of company stock worth $449,800. 2.40% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Range Resources Corporation by 4.4% in the 2nd quarter. Vanguard Group Inc. now owns 23,202,503 shares of the oil and gas exploration company’s stock worth $537,603,000 after purchasing an additional 976,293 shares during the last quarter. Sanders Capital LLC grew its holdings in shares of Range Resources Corporation by 6.7% in the 2nd quarter. Sanders Capital LLC now owns 14,812,151 shares of the oil and gas exploration company’s stock worth $379,186,000 after purchasing an additional 932,706 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Range Resources Corporation by 6.8% in the 2nd quarter. BlackRock Inc. now owns 14,024,098 shares of the oil and gas exploration company’s stock worth $324,936,000 after purchasing an additional 890,348 shares during the last quarter. State Street Corp grew its holdings in shares of Range Resources Corporation by 15.0% in the 2nd quarter. State Street Corp now owns 13,856,976 shares of the oil and gas exploration company’s stock worth $321,059,000 after purchasing an additional 1,805,404 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC grew its holdings in shares of Range Resources Corporation by 25.5% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 4,339,311 shares of the oil and gas exploration company’s stock worth $100,542,000 after purchasing an additional 880,928 shares during the last quarter. 95.61% of the stock is currently owned by institutional investors and hedge funds.
Range Resources Corporation Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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