UBS Group Issues Pessimistic Forecast for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its target price lowered by UBS Group from $41.00 to $36.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas exploration company’s stock.

Several other brokerages also recently issued reports on RRC. Scotiabank downgraded shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective on the stock. in a research note on Friday, January 17th. Piper Sandler upped their price objective on shares of Range Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research report on Thursday, March 6th. Citigroup cut Range Resources from a “neutral” rating to a “reduce” rating in a report on Wednesday, March 5th. Wolfe Research raised Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, January 3rd. Finally, Morgan Stanley raised Range Resources from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $40.00 to $49.00 in a research report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $41.71.

Range Resources Price Performance

Shares of Range Resources stock opened at $34.60 on Monday. Range Resources has a 1-year low of $27.29 and a 1-year high of $41.95. The firm has a fifty day simple moving average of $37.89 and a 200-day simple moving average of $35.56. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of 17.47, a PEG ratio of 5.11 and a beta of 1.73.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.13. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $626.42 million for the quarter, compared to the consensus estimate of $676.53 million. During the same period last year, the business posted $0.63 earnings per share. On average, sell-side analysts expect that Range Resources will post 2.02 earnings per share for the current year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.09 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Range Resources’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.04%. Range Resources’s payout ratio is currently 32.73%.

Institutional Trading of Range Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of Range Resources by 61.9% during the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after acquiring an additional 604,199 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Range Resources in the fourth quarter valued at approximately $380,000. Calamos Advisors LLC bought a new position in Range Resources in the fourth quarter valued at approximately $567,000. Radnor Capital Management LLC raised its position in shares of Range Resources by 156.2% during the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock valued at $1,547,000 after acquiring an additional 26,213 shares during the last quarter. Finally, Sanctuary Advisors LLC raised its position in shares of Range Resources by 169.1% during the 4th quarter. Sanctuary Advisors LLC now owns 17,944 shares of the oil and gas exploration company’s stock valued at $674,000 after acquiring an additional 11,276 shares during the last quarter. Institutional investors and hedge funds own 98.93% 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.