Citigroup Increases Range Resources (NYSE:RRC) Price Target to $43.00

Range Resources (NYSE:RRC) had its price target boosted by equities researchers at Citigroup from $36.00 to $43.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s target price indicates a potential upside of 3.44% from the stock’s current price.

A number of other research firms have also recently commented on RRC. TD Cowen raised shares of Range Resources to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings raised shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Friday, February 27th. Piper Sandler upped their price target on Range Resources from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday. Bank of America reiterated a “neutral” rating and set a $38.00 price objective (down from $44.00) on shares of Range Resources in a report on Friday, January 16th. Finally, Royal Bank Of Canada lowered their price objective on Range Resources from $46.00 to $44.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $42.06.

Range Resources Stock Performance

Shares of Range Resources stock opened at $41.57 on Thursday. The company has a market capitalization of $9.78 billion, a PE ratio of 15.17, a P/E/G ratio of 0.38 and a beta of 0.57. The company has a 50-day simple moving average of $36.77 and a two-hundred day simple moving average of $36.61. Range Resources has a one year low of $30.32 and a one year high of $43.50. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.67 and a current ratio of 0.67.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The business had revenue of $786.89 million for the quarter, compared to analysts’ expectations of $770.92 million. During the same period last year, the business earned $0.68 EPS. The company’s revenue was up 30.9% compared to the same quarter last year. Research analysts expect that Range Resources will post 2.02 EPS for the current fiscal year.

Institutional Trading of Range Resources

Several large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Range Resources by 1.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock valued at $975,311,000 after purchasing an additional 326,748 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Range Resources by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock worth $901,021,000 after purchasing an additional 701,751 shares during the period. Boston Partners boosted its position in Range Resources by 14.0% in the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after buying an additional 1,650,258 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Range Resources by 8.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company’s stock valued at $316,123,000 after buying an additional 673,827 shares during the last quarter. Finally, Lingotto Investment Management LLP increased its holdings in Range Resources by 2.0% in the 2nd quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock worth $291,263,000 after buying an additional 138,877 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.