Range Resources (NYSE:RRC) Price Target Raised to $23.00

Range Resources (NYSE:RRC) had its target price raised by analysts at Morgan Stanley from $22.00 to $23.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the oil and gas exploration company’s stock. Morgan Stanley’s price target indicates a potential downside of 33.39% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Susquehanna restated a “neutral” rating and set a $34.00 target price (down previously from $43.00) on shares of Range Resources in a research note on Friday, January 26th. Truist Financial reduced their target price on shares of Range Resources from $33.00 to $32.00 and set a “hold” rating for the company in a report on Friday, February 23rd. Raymond James dropped their target price on Range Resources from $37.00 to $36.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Royal Bank of Canada restated an “outperform” rating and issued a $36.00 price objective on shares of Range Resources in a research report on Tuesday, March 5th. Finally, Wells Fargo & Company downgraded Range Resources from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $40.00 to $32.00 in a research note on Thursday, December 14th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $34.89.

Range Resources Stock Performance

RRC stock traded up $0.18 during mid-day trading on Thursday, hitting $34.53. The company had a trading volume of 776,429 shares, compared to its average volume of 2,635,864. The stock’s fifty day moving average price is $30.94 and its two-hundred day moving average price is $31.82. Range Resources has a 12 month low of $23.92 and a 12 month high of $37.88. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a market cap of $8.36 billion, a PE ratio of 9.81 and a beta of 1.83.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.21. The company had revenue of $941.40 million during the quarter, compared to analyst estimates of $672.25 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The firm’s revenue was down 42.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.26 EPS. On average, analysts forecast that Range Resources will post 1.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Range Resources

Large investors have recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. bought a new stake in Range Resources in the third quarter valued at approximately $26,000. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Range Resources by 333.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after acquiring an additional 666 shares during the last quarter. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Range Resources in the third quarter valued at approximately $27,000. Lazard Asset Management LLC purchased a new position in Range Resources in the second quarter worth approximately $28,000. Finally, Proffitt & Goodson Inc. acquired a new position in Range Resources during the third quarter worth $32,000. Hedge funds and other 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.