Fintel reports that on August 14, 2023, Seibert Williams downgraded their outlook for Range Resources (NYSE:RRC) from Buy to Hold.
Analyst Price Forecast Suggests 4.91% Upside
As of August 2, 2023, the average one-year price target for Range Resources is 34.04. The forecasts range from a low of 20.20 to a high of $50.40. The average price target represents an increase of 4.91% from its latest reported closing price of 32.45.
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The projected annual revenue for Range Resources is 3,808MM, a decrease of 6.71%. The projected annual non-GAAP EPS is 5.15.
Range Resources Declares $0.08 Dividend
On May 31, 2023 the company declared a regular quarterly dividend of $0.08 per share ($0.32 annualized). Shareholders of record as of June 16, 2023 received the payment on June 30, 2023. Previously, the company paid $0.08 per share.
At the current share price of $32.45 / share, the stock’s dividend yield is 0.99%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.14%, the lowest has been 0.45%, and the highest has been 2.38%. The standard deviation of yields is 0.45 (n=125).
The current dividend yield is 0.33 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is 0.04. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
What is the Fund Sentiment?
There are 887 funds or institutions reporting positions in Range Resources. This is a decrease of 26 owner(s) or 2.85% in the last quarter. Average portfolio weight of all funds dedicated to RRC is 0.29%, an increase of 4.43%. Total shares owned by institutions increased in the last three months by 1.89% to 241,124K shares. The put/call ratio of RRC is 0.54, indicating a bullish outlook.
What are Other Shareholders Doing?
Price T Rowe Associates holds 22,796K shares representing 9.66% ownership of the company. In it’s prior filing, the firm reported owning 3,898K shares, representing an increase of 82.90%. The firm increased its portfolio allocation in RRC by 166.58% over the last quarter.
Capital World Investors holds 9,754K shares representing 4.13% ownership of the company. In it’s prior filing, the firm reported owning 6,946K shares, representing an increase of 28.79%. The firm increased its portfolio allocation in RRC by 44.05% over the last quarter.
ANCFX – AMERICAN FUNDS FUNDAMENTAL INVESTORS holds 8,693K shares representing 3.69% ownership of the company. In it’s prior filing, the firm reported owning 6,000K shares, representing an increase of 30.98%. The firm increased its portfolio allocation in RRC by 46.54% over the last quarter.
IJH – iShares Core S&P Mid-Cap ETF holds 7,455K shares representing 3.16% ownership of the company. In it’s prior filing, the firm reported owning 7,462K shares, representing a decrease of 0.10%. The firm increased its portfolio allocation in RRC by 1.16% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 7,112K shares representing 3.01% ownership of the company. In it’s prior filing, the firm reported owning 6,969K shares, representing an increase of 2.00%. The firm decreased its portfolio allocation in RRC by 0.32% over the last quarter.
Range Resources Background Information
(This description is provided by the company.)
Range Resources Corporation is a leading U.S. independent natural gas and NGL producer with operations focused in stacked-pay projects in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas.
This article originally appeared on Fintel
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