Analysts Set Expectations for Range Resources Co.’s Q3 2024 Earnings (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Capital One Financial lowered their Q3 2024 earnings per share (EPS) estimates for Range Resources in a research report issued on Saturday, April 20th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will post earnings of $0.51 per share for the quarter, down from their previous forecast of $0.52. The consensus estimate for Range Resources’ current full-year earnings is $1.94 per share. Capital One Financial also issued estimates for Range Resources’ Q4 2024 earnings at $0.56 EPS and FY2025 earnings at $4.07 EPS.

Other research analysts also recently issued research reports about the company. Truist Financial reduced their price target on Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a report on Friday, April 5th. Royal Bank of Canada reiterated an “outperform” rating and set a $36.00 target price on shares of Range Resources in a report on Tuesday, April 9th. StockNews.com upgraded Range Resources to a “sell” rating in a report on Wednesday, March 13th. Benchmark downgraded Range Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Finally, Mizuho restated a “buy” rating and issued a $39.00 price target on shares of Range Resources in a research note on Thursday, April 11th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and a consensus target price of $36.00.

Range Resources Stock Up 1.3 %

Shares of NYSE:RRC opened at $36.59 on Tuesday. Range Resources has a 1 year low of $23.92 and a 1 year high of $37.88. The company has a market cap of $8.86 billion, a PE ratio of 10.33 and a beta of 1.83. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.49 and a quick ratio of 1.49. The stock’s 50-day moving average is $33.34 and its 200 day moving average is $32.33.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. Range Resources had a return on equity of 15.87% and a net margin of 25.82%. The company had revenue of $718.20 million during the quarter, compared to analyst estimates of $680.72 million. During the same quarter in the previous year, the company posted $0.96 EPS. Range Resources’s revenue for the quarter was down 15.7% on a year-over-year basis.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.87%. Range Resources’s payout ratio is 9.04%.

Hedge Funds Weigh In On Range Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Cary Street Partners Investment Advisory LLC bought a new position in shares of Range Resources during the 3rd quarter valued at $27,000. Schroder Investment Management Group lifted its holdings in shares of Range Resources by 23.7% during the 3rd quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock valued at $14,803,000 after buying an additional 87,624 shares during the period. Kennedy Capital Management LLC lifted its holdings in shares of Range Resources by 17.7% during the 3rd quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock valued at $7,278,000 after buying an additional 33,793 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of Range Resources during the 3rd quarter valued at $19,704,000. Finally, Cambria Investment Management L.P. increased its stake in shares of Range Resources by 8.5% in the 3rd quarter. Cambria Investment Management L.P. now owns 264,965 shares of the oil and gas exploration company’s stock worth $8,588,000 after purchasing an additional 20,685 shares in the last quarter. 98.93% of the stock is owned by institutional investors.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.