Range Resources (NYSE:RRC) Price Target Cut to $40.00

Range Resources (NYSE:RRC) had its price objective dropped by research analysts at Mizuho from $45.00 to $40.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the oil and gas exploration company’s stock. Mizuho’s price target indicates a potential upside of 28.29% from the company’s previous close.

Several other brokerages have also recently weighed in on RRC. Wells Fargo & Company upgraded shares of Range Resources from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $35.00 to $39.00 in a research note on Tuesday, October 1st. Benchmark reiterated a “hold” rating on shares of Range Resources in a research note on Wednesday, July 24th. Barclays upgraded shares of Range Resources from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Piper Sandler cut shares of Range Resources from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $43.00 to $31.00 in a research note on Thursday, August 15th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $39.00 price target on shares of Range Resources in a research note on Thursday, July 25th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.41.

Range Resources Trading Up 1.3 %

NYSE:RRC opened at $31.18 on Wednesday. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. Range Resources has a 12 month low of $27.29 and a 12 month high of $39.33. The company has a market cap of $7.55 billion, a PE ratio of 15.83 and a beta of 1.80. The company has a 50 day simple moving average of $30.05 and a two-hundred day simple moving average of $33.35.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The business had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. During the same quarter in the previous year, the firm posted $0.27 EPS. The firm’s revenue was up 8.7% on a year-over-year basis. Research analysts forecast that Range Resources will post 1.88 earnings per share for the current year.

Insider Transactions at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares in the company, valued at $304,121.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

A number of large investors have recently made changes to their positions in the business. Fifth Third Bancorp grew its holdings in Range Resources by 21.2% during the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the last quarter. Perkins Coie Trust Co bought a new position in Range Resources during the 2nd quarter valued at about $67,000. International Assets Investment Management LLC bought a new position in Range Resources during the 2nd quarter valued at about $67,000. CWM LLC grew its holdings in Range Resources by 276.8% during the 3rd 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 last quarter. Finally, nVerses Capital LLC bought a new position in Range Resources during the 2nd quarter valued at about $107,000. 98.93% of the stock is currently owned by institutional investors.

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.