Range Resources Co. (NYSE:RRC) to Issue $0.08 Quarterly Dividend

Range Resources Co. (NYSE:RRC) declared a quarterly dividend on Friday, November 29th,RTT News reports. Stockholders of record on Friday, December 13th will be given a dividend of 0.08 per share by the oil and gas exploration company on Friday, December 27th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, December 13th.

Range Resources has a dividend payout ratio of 10.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Range Resources to earn $2.35 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 13.6%.

Range Resources Price Performance

Shares of RRC stock opened at $33.99 on Wednesday. The business’s fifty day moving average is $32.70 and its 200 day moving average is $32.39. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The stock has a market cap of $8.20 billion, a price-to-earnings ratio of 17.17 and a beta of 1.85. Range Resources has a twelve month low of $27.29 and a twelve month high of $39.33.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm had revenue of $615.03 million for the quarter, compared to the consensus estimate of $617.90 million. During the same period in the prior year, the firm earned $0.43 EPS. The company’s revenue was up .9% compared to the same quarter last year. Research analysts expect that Range Resources will post 1.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RRC. Mizuho dropped their price target on Range Resources from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. StockNews.com raised shares of Range Resources to a “sell” rating in a research report on Wednesday, November 27th. Scotiabank raised shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 target price for the company in a report on Tuesday, August 20th. Morgan Stanley dropped their target price on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. Finally, Benchmark restated a “hold” rating on shares of Range Resources in a report on Wednesday, October 23rd. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $35.50.

Insiders Place Their Bets

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares in the company, valued at $304,121.50. This represents a 56.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction dated Thursday, October 24th. The shares were bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the transaction, the director now owns 5,921 shares in the company, valued at approximately $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.50% of the company’s stock.

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.