Bank of America Upgrades Range Resources (NYSE:RRC) to “Buy”

Range Resources (NYSE:RRC) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a report released on Monday, Marketbeat reports. The firm presently has a $45.00 price target on the oil and gas exploration company’s stock, up from their prior price target of $34.00. Bank of America‘s target price suggests a potential upside of 17.59% from the stock’s current price.

Several other equities research analysts have also recently issued reports on RRC. Barclays raised shares of Range Resources from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Citigroup increased their price target on Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Royal Bank of Canada lifted their price objective on Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a research report on Monday, November 25th. Piper Sandler reduced their target price on Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, November 18th. Finally, StockNews.com upgraded Range Resources to a “sell” rating in a report on Wednesday, November 27th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $36.89.

Range Resources Stock Performance

Shares of RRC opened at $38.27 on Monday. Range Resources has a 12-month low of $27.29 and a 12-month high of $39.33. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $34.80 and a two-hundred day moving average of $32.34. The stock has a market cap of $9.23 billion, a P/E ratio of 19.33 and a beta of 1.81.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The company had revenue of $615.03 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $0.43 earnings per share. As a group, research analysts predict that Range Resources will post 1.91 EPS for the current fiscal year.

Insider Transactions at Range Resources

In related news, Director Charles G. Griffie purchased 1,275 shares of Range Resources stock in a transaction dated Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the transaction, the director now owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in Range Resources during the third quarter worth about $25,000. Blue Trust Inc. lifted its stake in Range Resources by 107.8% in the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after buying an additional 705 shares during the last quarter. Bogart Wealth LLC acquired a new position in shares of Range Resources during the third quarter valued at $49,000. Versant Capital Management Inc grew its position in shares of Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock worth $56,000 after acquiring an additional 463 shares during the last quarter. Finally, CWM LLC increased its stake in shares of Range Resources by 276.8% in the third quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock valued at $71,000 after purchasing an additional 1,694 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

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.