Range Resources (NYSE:RRC) Announces Quarterly Earnings Results

Range Resources (NYSE:RRC) announced its quarterly earnings results on Tuesday. 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, Briefing.com reports. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The business had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. During the same period last year, the business earned $0.96 earnings per share. The business’s revenue for the quarter was down 15.7% on a year-over-year basis.

Range Resources Stock Performance

Shares of RRC stock traded down $0.81 during mid-day trading on Friday, hitting $36.84. The stock had a trading volume of 559,839 shares, compared to its average volume of 2,564,261. Range Resources has a fifty-two week low of $23.92 and a fifty-two week high of $38.25. The company’s 50-day simple moving average is $33.67 and its 200-day simple moving average is $32.40. The firm has a market cap of $8.94 billion, a PE ratio of 19.13 and a beta of 1.83. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.49.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s payout ratio is currently 16.24%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on RRC shares. Raymond James lowered their price target on Range Resources from $37.00 to $36.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Mizuho restated a “buy” rating and set a $39.00 target price on shares of Range Resources in a report on Thursday, April 11th. Benchmark reissued a “hold” rating on shares of Range Resources in a research report on Wednesday. Stephens raised their price objective on shares of Range Resources from $41.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Truist Financial cut their target price on shares of Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $36.55.

Insider Activity at Range Resources

In other news, VP Ashley Kavanaugh sold 15,978 shares of Range Resources stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the completion of the sale, the vice president now directly owns 22,370 shares in the company, valued at approximately $844,467.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.57% of the company’s stock.

Range Resources Company Profile

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.