Range Resources (RRC) Downgraded by Citigroup to “Neutral”

Citigroup downgraded shares of Range Resources (NYSE:RRC) from a buy rating to a neutral rating in a research report report published on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has $27.00 target price on the oil and gas exploration company’s stock.

Other analysts have also recently issued reports about the company. ValuEngine raised Range Resources from a hold rating to a buy rating in a research report on Friday, January 26th. Barclays reissued a buy rating and issued a $19.00 target price on shares of Range Resources in a research report on Sunday, December 24th. Cowen set a $25.00 target price on Range Resources and gave the company a buy rating in a research report on Thursday, January 18th. KLR Group reissued a buy rating and issued a $27.00 target price (up from $26.00) on shares of Range Resources in a research report on Thursday, March 1st. Finally, UBS started coverage on Range Resources in a research report on Wednesday, March 7th. They issued a buy rating and a $18.50 target price for the company. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Range Resources currently has an average rating of Hold and an average target price of $22.92.

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Shares of NYSE RRC opened at $14.16 on Tuesday. The stock has a market capitalization of $3,638.61, a P/E ratio of 24.41, a PEG ratio of 0.62 and a beta of 0.54. The company has a quick ratio of 0.54, a current ratio of 0.57 and a debt-to-equity ratio of 0.71. Range Resources has a 52-week low of $11.93 and a 52-week high of $28.76.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, February 27th. The oil and gas exploration company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.07. The firm had revenue of $679.00 million during the quarter, compared to analysts’ expectations of $659.71 million. Range Resources had a return on equity of 5.42% and a net margin of 12.76%. The business’s revenue was up 167.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.23 EPS. research analysts forecast that Range Resources will post 1.03 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 16th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date was Thursday, March 15th. Range Resources’s dividend payout ratio (DPR) is 13.79%.

In other Range Resources news, Director Steffen E. Palko bought 34,000 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was acquired at an average cost of $14.72 per share, with a total value of $500,480.00. Following the purchase, the director now owns 61,267 shares in the company, valued at approximately $901,850.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Several hedge funds have recently modified their holdings of RRC. Mackenzie Financial Corp grew its holdings in shares of Range Resources by 2,708.2% in the 4th quarter. Mackenzie Financial Corp now owns 3,057,252 shares of the oil and gas exploration company’s stock worth $52,157,000 after acquiring an additional 2,948,384 shares during the period. SailingStone Capital Partners LLC grew its holdings in shares of Range Resources by 7.9% in the 4th quarter. SailingStone Capital Partners LLC now owns 35,832,571 shares of the oil and gas exploration company’s stock worth $611,304,000 after acquiring an additional 2,623,957 shares during the period. Guggenheim Capital LLC grew its holdings in shares of Range Resources by 55.2% in the 4th quarter. Guggenheim Capital LLC now owns 3,579,421 shares of the oil and gas exploration company’s stock worth $61,063,000 after acquiring an additional 1,272,442 shares during the period. HBK Investments L P acquired a new stake in shares of Range Resources in the 4th quarter worth approximately $15,369,000. Finally, BlackRock Inc. grew its holdings in shares of Range Resources by 4.5% in the 4th quarter. BlackRock Inc. now owns 15,543,438 shares of the oil and gas exploration company’s stock worth $265,170,000 after acquiring an additional 673,151 shares during the period. 96.40% of the stock is owned by institutional investors and hedge funds.

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About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.

Analyst Recommendations for Range Resources (NYSE:RRC)

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