Piper Sandler Has Lowered Expectations for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its target price cut by Piper Sandler from $33.00 to $32.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s price target points to a potential downside of 4.94% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Truist Financial raised their target price on shares of Range Resources from $35.00 to $37.00 and gave the company a “hold” rating in a report on Monday, March 17th. Wolfe Research raised Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, January 3rd. Williams Trading set a $40.00 price target on Range Resources in a report on Wednesday, March 5th. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a research note on Friday, January 17th. Finally, Morgan Stanley set a $41.00 target price on Range Resources in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Range Resources currently has an average rating of “Hold” and a consensus target price of $41.38.

Range Resources Stock Performance

Range Resources stock traded up $1.04 during midday trading on Tuesday, hitting $33.66. The company’s stock had a trading volume of 1,241,189 shares, compared to its average volume of 2,444,452. The company has a 50-day moving average price of $37.11 and a two-hundred day moving average price of $35.71. Range Resources has a 1-year low of $27.29 and a 1-year high of $41.95. The company has a market cap of $8.12 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 5.11 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.13. The business had revenue of $626.42 million for the quarter, compared to the consensus estimate of $676.53 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. During the same quarter in the prior year, the business posted $0.63 earnings per share. As a group, sell-side analysts predict that Range Resources will post 2.02 earnings per share for the current year.

Institutional Investors Weigh In On Range Resources

Several large investors have recently added to or reduced their stakes in RRC. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of Range Resources by 71.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 5,057,280 shares of the oil and gas exploration company’s stock worth $181,961,000 after buying an additional 2,104,304 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Range Resources in the fourth quarter worth $33,684,000. Amundi increased its stake in Range Resources by 233.2% in the fourth quarter. Amundi now owns 1,180,913 shares of the oil and gas exploration company’s stock valued at $44,308,000 after purchasing an additional 826,530 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Range Resources by 9.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,330,676 shares of the oil and gas exploration company’s stock valued at $263,768,000 after purchasing an additional 624,955 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Range Resources by 37.1% in the 4th quarter. Northern Trust Corp now owns 2,238,863 shares of the oil and gas exploration company’s stock valued at $80,554,000 after buying an additional 605,315 shares during the period. Institutional investors and hedge funds 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.