Range Resources (NYSE:RRC) Stock Price Target Raised at Susquehanna

by · The Cerbat Gem

Range Resources (NYSE:RRC – Get Free Report) had its target price increased by equities research analysts at Susquehanna from $41.00 to $44.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. Susquehanna’s price objective suggests a potential upside of 1.75% from the company’s previous close.

Other analysts also recently issued reports about the stock. Truist Financial decreased their price objective on shares of Range Resources from $45.00 to $43.00 and set a “hold” rating on the stock in a research report on Monday, October 5th. The Goldman Sachs Group lowered their target price on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Raymond James Financial set a $45.00 target price on shares of Range Resources in a report on Monday, July 27th. UBS Group cut their price target on Range Resources from $49.00 to $44.00 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Finally, Weiss Ratings raised Range Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Range Resources currently has an average rating of “Hold” and an average target price of $44.17.

Check Out Our Latest Research Report on RRC

Range Resources Price Performance

Shares of NYSE:RRC opened at $43.24 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. Range Resources has a 1-year low of $32.68 and a 1-year high of $48.31. The company has a market capitalization of $10.11 billion, a P/E ratio of 11.95 and a beta of 0.71. The firm’s 50 day simple moving average is $40.45 and its two-hundred day simple moving average is $39.98.

Range Resources (NYSE:RRC – Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. The business had revenue of $759.58 million during the quarter, compared to analyst estimates of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The company’s revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 earnings per share. Research analysts expect that Range Resources will post 3.78 EPS for the current fiscal year.

Insider Activity at Range Resources

In related news, Director Reginal Spiller sold 3,500 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the sale, the director directly owned 13,421 shares in the company, valued at approximately $536,840. The trade was a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in Range Resources during the 2nd quarter valued at about $868,085,000. Dimensional Fund Advisors LP lifted its stake in shares of Range Resources by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company’s stock worth $415,354,000 after acquiring an additional 227,711 shares during the last quarter. Goehring & Rozencwajg Associates LLC grew its position in Range Resources by 35.9% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,721,749 shares of the oil and gas exploration company’s stock valued at $122,969,000 after acquiring an additional 718,648 shares during the last quarter. Canoe Financial LP grew its stake in Range Resources by 45.6% in the 1st quarter. Canoe Financial LP now owns 2,290,309 shares of the oil and gas exploration company’s stock worth $103,476,000 after acquiring an additional 717,000 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Range Resources by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 1,962,499 shares of the oil and gas exploration company’s stock valued at $88,666,000 after buying an additional 22,278 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

About Range Resources

(Get Free Report)

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company’s activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.

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