Range Resources (NYSE:RRC) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Range Resources (NYSE:RRC) had its price objective upped by equities researchers at Wells Fargo & Company from $38.00 to $40.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 21.51% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Piper Sandler dropped their price objective on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a report on Monday, November 18th. Barclays upgraded shares of Range Resources from an “underweight” rating to an “equal weight” rating and dropped their price target for the company from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Susquehanna reduced their price objective on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Morgan Stanley dropped their target price on Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research report on Monday, September 16th. Finally, Mizuho lifted their price target on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Range Resources currently has an average rating of “Hold” and a consensus target price of $36.00.

Range Resources Stock Down 3.6 %

RRC opened at $32.92 on Tuesday. Range Resources has a twelve month low of $27.29 and a twelve month high of $39.33. The company’s 50-day moving average price is $33.06 and its two-hundred day moving average price is $32.35. The stock has a market cap of $7.94 billion, a price-to-earnings ratio of 16.63 and a beta of 1.85. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. Range Resources’s revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.43 earnings per share. As a group, equities analysts expect that Range Resources will post 1.91 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. This represents a 56.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Charles G. Griffie bought 1,275 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the transaction, the director now directly owns 5,921 shares in the company, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

Several large investors have recently bought and sold shares of RRC. Forthright Family Wealth Advisory LLC acquired a new stake in shares of Range Resources during the 3rd quarter worth about $445,000. Sanctuary Advisors LLC purchased a new stake in Range Resources in the 3rd quarter valued at $205,000. Geode Capital Management LLC grew its position in Range Resources by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,003,299 shares of the oil and gas exploration company’s stock valued at $123,174,000 after buying an additional 35,344 shares during the last quarter. M&T Bank Corp increased its stake in shares of Range Resources by 3.1% during the third quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company’s stock worth $332,000 after acquiring an additional 327 shares during the period. Finally, Barclays PLC boosted its position in shares of Range Resources by 180.8% during the 3rd quarter. Barclays PLC now owns 222,017 shares of the oil and gas exploration company’s stock worth $6,830,000 after purchasing an additional 142,938 shares in the last quarter. 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.