Stephens Initiates Coverage on Range Resources (RRC)

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Stephens started coverage on shares of Range Resources (NYSE:RRC) in a report issued on Thursday, MarketBeat.com reports. The brokerage set an “equal weight” rating and a $21.00 price target on the oil and gas exploration company’s stock. Stephens’ price objective points to a potential upside of 51.73% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Royal Bank of Canada set a $21.00 price objective on shares of Range Resources and gave the company a “buy” rating in a report on Thursday, September 20th. B. Riley upgraded shares of Range Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $17.00 to $22.00 in a report on Thursday, September 20th. KLR Group restated a “buy” rating and set a $23.00 price target on shares of Range Resources in a report on Monday, August 20th. Guggenheim restated a “buy” rating and set a $22.00 price target on shares of Range Resources in a report on Wednesday, October 24th. Finally, Piper Jaffray Companies set a $29.00 price target on shares of Range Resources and gave the stock a “buy” rating in a report on Tuesday, October 23rd. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $21.60.

Shares of NYSE RRC opened at $13.84 on Thursday. The stock has a market cap of $3.47 billion, a PE ratio of 23.86, a price-to-earnings-growth ratio of 1.09 and a beta of 0.55. Range Resources has a 1 year low of $11.93 and a 1 year high of $18.59. The company has a quick ratio of 0.53, a current ratio of 0.56 and a debt-to-equity ratio of 0.72.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 23rd. The oil and gas exploration company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. The firm had revenue of $811.20 million during the quarter, compared to analysts’ expectations of $747.06 million. Range Resources had a net margin of 8.28% and a return on equity of 4.85%. The business’s revenue was up 68.2% on a year-over-year basis. During the same period last year, the company earned $0.05 earnings per share. As a group, research analysts anticipate that Range Resources will post 1.02 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in Range Resources by 26.4% in the second quarter. BlackRock Inc. now owns 19,759,391 shares of the oil and gas exploration company’s stock worth $330,575,000 after acquiring an additional 4,132,913 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Range Resources by 2.2% in the third quarter. Dimensional Fund Advisors LP now owns 9,193,291 shares of the oil and gas exploration company’s stock valued at $156,194,000 after purchasing an additional 195,811 shares during the period. ANTIPODES PARTNERS Ltd raised its position in shares of Range Resources by 7.4% in the third quarter. ANTIPODES PARTNERS Ltd now owns 6,264,301 shares of the oil and gas exploration company’s stock valued at $106,430,000 after purchasing an additional 433,986 shares during the period. Fisher Asset Management LLC raised its position in shares of Range Resources by 3.5% in the third quarter. Fisher Asset Management LLC now owns 2,804,874 shares of the oil and gas exploration company’s stock valued at $47,655,000 after purchasing an additional 93,872 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Range Resources by 34.0% in the second quarter. Bank of New York Mellon Corp now owns 2,521,453 shares of the oil and gas exploration company’s stock valued at $42,184,000 after purchasing an additional 640,077 shares during the period.

Range Resources Company Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.

Further Reading: Leveraged Buyout (LBO)

Analyst Recommendations for Range Resources (NYSE:RRC)

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