Benchmark Reaffirms “Hold” Rating for Range Resources (NYSE:RRC)

Range Resources (NYSE:RRC)‘s stock had its “hold” rating reiterated by stock analysts at Benchmark in a research note issued on Friday,Benzinga reports.

Several other analysts have also issued reports on the company. Truist Financial boosted their target price on Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a research note on Monday. Piper Sandler lowered their price objective on Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 target price for the company. in a research report on Friday. Barclays upgraded shares of Range Resources from an “underweight” rating to an “equal weight” rating and reduced their target price for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Finally, Bank of America raised shares of Range Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $34.00 to $45.00 in a report on Monday. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $37.16.

Range Resources Stock Performance

Shares of Range Resources stock traded down $0.55 during trading hours on Friday, hitting $40.74. 634,621 shares of the company’s stock traded hands, compared to its average volume of 2,716,416. The company has a fifty day simple moving average of $35.46 and a 200-day simple moving average of $32.54. 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 has a market capitalization of $9.83 billion, a price-to-earnings ratio of 20.55 and a beta of 1.81. Range Resources has a 12-month low of $27.29 and a 12-month high of $41.65.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The business had revenue of $615.03 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts anticipate that Range Resources will post 2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Range Resources news, Director Charles G. Griffie purchased 1,275 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the purchase, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. The trade was a 27.44 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Several institutional investors and hedge funds have recently made changes to their positions in RRC. Brooklyn Investment Group purchased a new stake in Range Resources during the third quarter valued at about $25,000. UMB Bank n.a. boosted its holdings in Range Resources by 59.0% during the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after acquiring an additional 426 shares during the period. Blue Trust Inc. grew its position in Range Resources by 107.8% during the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 705 shares during the last quarter. Bogart Wealth LLC purchased a new position in Range Resources in the 3rd quarter worth approximately $49,000. Finally, Versant Capital Management Inc lifted its position in Range Resources by 42.8% in the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after purchasing an additional 463 shares during the last quarter. Institutional investors own 98.93% of the company’s stock.

About Range Resources

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.