Range Resources Co. to Post Q3 2024 Earnings of $0.43 Per Share, Zacks Research Forecasts (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Analysts at Zacks Research upped their Q3 2024 earnings estimates for shares of Range Resources in a note issued to investors on Wednesday, June 26th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will earn $0.43 per share for the quarter, up from their previous estimate of $0.41. The consensus estimate for Range Resources’ current full-year earnings is $2.11 per share. Zacks Research also issued estimates for Range Resources’ FY2024 earnings at $1.99 EPS.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.48 by $0.21. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The firm had revenue of $718.20 million for the quarter, compared to analysts’ expectations of $680.72 million. During the same period last year, the firm earned $0.96 EPS. The firm’s revenue was down 15.7% compared to the same quarter last year.

A number of other equities analysts have also issued reports on the stock. Morgan Stanley increased their target price on shares of Range Resources from $23.00 to $33.00 and gave the company an “underweight” rating in a research report on Wednesday, April 17th. Royal Bank of Canada lowered shares of Range Resources from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $36.00 to $39.00 in a research note on Friday, April 26th. Stephens upped their target price on Range Resources from $41.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Barclays began coverage on Range Resources in a research report on Wednesday, April 10th. They set an “underweight” rating and a $35.00 price target on the stock. Finally, Citigroup upped their price objective on Range Resources from $33.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and an average target price of $37.10.

Range Resources Price Performance

Shares of RRC opened at $33.53 on Friday. Range Resources has a one year low of $27.60 and a one year high of $39.33. The stock’s fifty day moving average is $36.10 and its 200-day moving average is $33.17. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 17.02 and a beta of 1.81.

Institutional Investors Weigh In On Range Resources

Several large investors have recently made changes to their positions in the company. Deutsche Bank AG increased its position in Range Resources by 80.9% during the third quarter. Deutsche Bank AG now owns 23,155 shares of the oil and gas exploration company’s stock worth $750,000 after buying an additional 10,357 shares during the last quarter. Kestra Advisory Services LLC raised its stake in shares of Range Resources by 38.8% in the 3rd quarter. Kestra Advisory Services LLC now owns 12,763 shares of the oil and gas exploration company’s stock valued at $414,000 after acquiring an additional 3,565 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in Range Resources in the 3rd quarter worth approximately $354,000. Hsbc Holdings PLC boosted its position in Range Resources by 137.7% during the third quarter. Hsbc Holdings PLC now owns 21,080 shares of the oil and gas exploration company’s stock worth $687,000 after purchasing an additional 12,210 shares during the period. Finally, Dark Forest Capital Management LP acquired a new position in Range Resources during the third quarter valued at approximately $475,000. Institutional investors own 98.93% of the company’s stock.

Insider Activity at Range Resources

In other Range Resources news, Director Reginal Spiller sold 1,460 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total transaction of $56,472.80. Following the completion of the sale, the director now directly owns 15,253 shares in the company, valued at approximately $589,986.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Dennis Degner sold 101,000 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $37.78, for a total transaction of $3,815,780.00. Following the completion of the sale, the chief executive officer now directly owns 198,154 shares in the company, valued at $7,486,258.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Reginal Spiller sold 1,460 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $38.68, for a total value of $56,472.80. Following the completion of the transaction, the director now owns 15,253 shares in the company, valued at approximately $589,986.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 197,107 shares of company stock valued at $7,379,095. Company insiders own 1.57% of the company’s stock.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.95%. Range Resources’s dividend payout ratio is 16.24%.

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.