Range Resources (NYSE:RRC) Price Target Raised to $38.00

Range Resources (NYSE:RRC) had its price target increased by Citigroup from $33.00 to $38.00 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s price target points to a potential upside of 13.06% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Range Resources from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Friday, October 25th. Bank of America assumed coverage on shares of Range Resources in a research note on Monday, October 28th. They issued a “neutral” rating and a $34.00 price objective on the stock. Susquehanna lowered their target price on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Morgan Stanley cut their price target on Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. Finally, Royal Bank of Canada upped their target price on shares of Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a research note on Monday, November 25th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $35.06.

Range Resources Price Performance

Shares of RRC stock traded down $0.89 during trading hours on Friday, reaching $33.61. 1,004,569 shares of the company were exchanged, compared to its average volume of 2,333,889. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The stock’s fifty day moving average is $32.51 and its two-hundred day moving average is $32.52. The company has a market cap of $8.11 billion, a price-to-earnings ratio of 16.96 and a beta of 1.85.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.16. The firm had revenue of $615.03 million for the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.43 EPS. Sell-side analysts forecast that Range Resources will post 1.9 earnings per share for the current fiscal year.

Insider Transactions at Range Resources

In other news, Director Charles G. Griffie bought 1,275 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were bought at an average cost of $31.46 per share, with a total value of $40,111.50. Following the acquisition, the director now owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares of the company’s stock, valued at $304,121.50. This trade represents a 56.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

Hedge funds have recently added to or reduced their stakes in the business. William Blair Investment Management LLC bought a new stake in Range Resources in the 2nd quarter valued at $78,223,000. Canoe Financial LP lifted its holdings in shares of Range Resources by 114.9% during the third quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock worth $81,299,000 after buying an additional 1,422,200 shares in the last quarter. HITE Hedge Asset Management LLC bought a new stake in shares of Range Resources in the third quarter valued at about $11,508,000. Verition Fund Management LLC grew its stake in shares of Range Resources by 379.3% in the third quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company’s stock valued at $12,594,000 after acquiring an additional 324,011 shares in the last quarter. Finally, Sagefield Capital LP increased its position in Range Resources by 44.8% during the second quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock worth $30,408,000 after acquiring an additional 280,452 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Company Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.