Published On: Mon, Sep 19th, 2016

Range Resources Corp. (RRC) Rating Reiterated by Jefferies Group

Range Resources Corp. (NYSE:RRC)‘s stock had its “buy” rating reiterated by equities researchers at Jefferies Group in a note issued to investors on Thursday. They presently have a $41.87 price target on the oil and gas exploration company’s stock, down from their previous price target of $50.00. Jefferies Group’s price target would indicate a potential upside of 12.01% from the stock’s current price.
Several other research analysts have also commented on RRC. KLR Group raised shares of Range Resources Corp. from an “accumulate” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Thursday, July 28th. BMO Capital Markets reissued a “market perform” rating and issued a $44.00 price objective on shares of Range Resources Corp. in a research note on Wednesday, July 27th. They noted that the move was a valuation call. Cantor Fitzgerald reissued a “neutral” rating on shares of Range Resources Corp. in a research note on Tuesday, July 19th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Range Resources Corp. in a research note on Sunday, July 17th. Finally, Piper Jaffray Cos. reissued an “overweight” rating and issued a $52.00 price objective on shares of Range Resources Corp. in a research note on Friday, July 15th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $44.54.
Shares of Range Resources Corp. (NYSE:RRC) traded down 5.05% on Thursday, reaching $37.38. 15,399,118 shares of the company’s stock were exchanged. Range Resources Corp. has a one year low of $19.21 and a one year high of $46.96. The firm’s market capitalization is $6.23 billion. The firm has a 50 day moving average of $40.20 and a 200 day moving average of $39.35.

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Range Resources Corp. (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.07. Range Resources Corp. had a negative net margin of 71.00% and a negative return on equity of 14.57%. The business earned $362.67 million during the quarter, compared to analysts’ expectations of $327.40 million. During the same period last year, the business earned $0.01 earnings per share. The business’s revenue for the quarter was down 10.4% on a year-over-year basis. On average, equities research analysts predict that Range Resources Corp. will post ($0.27) EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be given a dividend of $0.02 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.21%. Range Resources Corp.’s payout ratio is currently -1.42%.
In related news, Director Anthony V. Dub sold 5,106 shares of the business’s stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $45.57, for a total value of $232,680.42. Following the sale, the director now directly owns 98,897 shares in the company, valued at approximately $4,506,736.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Range Resources Corp. by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 14,378,770 shares of the oil and gas exploration company’s stock valued at $353,861,000 after buying an additional 249,925 shares in the last quarter. FMR LLC raised its stake in Range Resources Corp. by 449.6% in the second quarter. FMR LLC now owns 4,634,388 shares of the oil and gas exploration company’s stock valued at $199,928,000 after buying an additional 3,791,208 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Range Resources Corp. by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,410,311 shares of the oil and gas exploration company’s stock valued at $190,261,000 after buying an additional 44,179 shares in the last quarter. Weitz Investment Management Inc. raised its stake in Range Resources Corp. by 17.9% in the fourth quarter. Weitz Investment Management Inc. now owns 3,225,425 shares of the oil and gas exploration company’s stock valued at $79,378,000 after buying an additional 490,079 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in Range Resources Corp. by 3.0% in the second quarter. BlackRock Fund Advisors now owns 3,053,906 shares of the oil and gas exploration company’s stock valued at $131,746,000 after buying an additional 87,524 shares in the last quarter.
About Range Resources Corp.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.

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