Range Resources (RRC) Raised to Buy at B. Riley
B. Riley upgraded shares of Range Resources (NYSE:RRC) from a neutral rating to a buy rating in a research note issued to investors on Thursday, September 20th, Marketbeat Ratings reports. They currently have $22.00 price target on the oil and gas exploration company’s stock, up from their previous price target of $17.00.
Several other research firms have also issued reports on RRC. Wolfe Research upgraded Range Resources from an underperform rating to a market perform rating in a research report on Wednesday, June 27th. TD Securities began coverage on Range Resources in a research report on Thursday, July 5th. They set a hold rating and a $18.00 target price for the company. Piper Jaffray Companies reiterated a buy rating and issued a $27.00 price objective on shares of Range Resources in a research report on Friday, July 20th. Capital One Financial upgraded Range Resources from an equal weight rating to an overweight rating in a research report on Tuesday, July 31st. Finally, Stifel Nicolaus began coverage on Range Resources in a research report on Wednesday, May 23rd. They issued a buy rating and a $21.50 price objective for the company. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $22.00.
NYSE:RRC traded up $0.16 on Thursday, hitting $16.76. 6,629,631 shares of the stock were exchanged, compared to its average volume of 7,550,091. The stock has a market capitalization of $4.24 billion, a P/E ratio of 28.90, a P/E/G ratio of 1.38 and a beta of 0.57. Range Resources has a 52 week low of $11.93 and a 52 week high of $20.07. The company has a current ratio of 0.52, a quick ratio of 0.49 and a debt-to-equity ratio of 0.73.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 14th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Thursday, September 13th. Range Resources’s dividend payout ratio (DPR) is presently 13.79%.
Institutional investors and hedge funds have recently bought and sold shares of the stock. St. Johns Investment Management Company LLC bought a new stake in Range Resources in the 2nd quarter valued at $100,000. Envestnet Asset Management Inc. increased its position in Range Resources by 53.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 9,509 shares of the oil and gas exploration company’s stock worth $138,000 after buying an additional 3,331 shares during the period. Point72 Asia Hong Kong Ltd bought a new position in Range Resources during the 1st quarter worth $143,000. Robeco Institutional Asset Management B.V. increased its position in Range Resources by 244.2% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 12,995 shares of the oil and gas exploration company’s stock worth $189,000 after buying an additional 9,220 shares during the period. Finally, Engineers Gate Manager LP bought a new position in Range Resources during the 2nd quarter worth $207,000. Institutional investors and hedge funds own 96.48% of the company’s stock.
Range Resources Company Profile
Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.
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