Range Resources Corp. (RRC) Rating Increased to Overweight at JPMorgan Chase & Co.
Range Resources Corp. (NYSE:RRC) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Friday. The firm currently has a $46.00 price objective on the oil and gas exploration company’s stock. JPMorgan Chase & Co.’s price objective points to a potential upside of 17.17% from the stock’s previous close.
A number of other brokerages have also weighed in on RRC. Deutsche Bank AG lowered their target price on Range Resources Corp. from $45.00 to $40.00 and set a “hold” rating on the stock in a research report on Tuesday, June 14th. Vetr lowered Range Resources Corp. from a “hold” rating to a “sell” rating and set a $44.39 target price on the stock. in a research report on Tuesday, June 21st. Stifel Nicolaus raised Range Resources Corp. from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Friday, July 8th. Jefferies Group reaffirmed a “buy” rating and set a $50.00 target price (up from $45.00) on shares of Range Resources Corp. in a research report on Sunday, July 10th. Finally, Zacks Investment Research raised Range Resources Corp. from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eighteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $44.31.
Range Resources Corp. (NYSE:RRC) traded up 2.11% during trading on Friday, hitting $39.26. 7,107,457 shares of the company traded hands. The firm’s market capitalization is $6.54 billion. Range Resources Corp. has a 12-month low of $19.21 and a 12-month high of $46.96. The stock has a 50-day moving average price of $39.52 and a 200-day moving average price of $40.16.
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Range Resources Corp. (NYSE:RRC) last issued its quarterly earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.07. Range Resources Corp. had a negative return on equity of 14.57% and a negative net margin of 71.00%. The firm had revenue of $362.67 million for the quarter, compared to analyst estimates of $327.40 million. During the same period in the previous year, the firm earned $0.01 earnings per share. The company’s revenue was down 10.4% compared to the same quarter last year. Equities analysts expect that Range Resources Corp. will post ($0.20) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.20%. Range Resources Corp.’s dividend payout ratio (DPR) is presently -1.42%.
In related news, COO Ray N. Walker, Jr. sold 13,350 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $37.53, for a total transaction of $501,025.50. Following the transaction, the chief operating officer now directly owns 42,598 shares in the company, valued at approximately $1,598,702.94. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Gregory Gene Maxwell purchased 1,000 shares of Range Resources Corp. stock in a transaction that occurred on Tuesday, September 27th. The shares were bought at an average price of $37.00 per share, for a total transaction of $37,000.00. Following the completion of the transaction, the director now owns 12,211 shares in the company, valued at $451,807. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of RRC. FMR LLC raised its position in Range Resources Corp. by 449.6% in the second quarter. FMR LLC now owns 4,634,388 shares of the oil and gas exploration company’s stock valued at $199,928,000 after buying an additional 3,791,208 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Range Resources Corp. by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,410,311 shares of the oil and gas exploration company’s stock valued at $190,261,000 after buying an additional 44,179 shares during the last quarter. BlackRock Fund Advisors raised its position in Range Resources Corp. by 3.0% in the second quarter. BlackRock Fund Advisors now owns 3,053,906 shares of the oil and gas exploration company’s stock valued at $131,746,000 after buying an additional 87,524 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in Range Resources Corp. during the second quarter valued at about $116,394,000. Finally, Blue Ridge Capital L.L.C. bought a new position in Range Resources Corp. during the second quarter valued at about $106,556,000.
About Range Resources Corp.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.
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