Range Resources (NYSE:RRC) Price Target Raised to $46.00

Range Resources (NYSE:RRC) had its price objective increased by research analysts at Wells Fargo & Company from $43.00 to $46.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 18.46% from the company’s current price.

Several other research analysts have also issued reports on the stock. Mizuho increased their target price on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Bank of America reissued a “neutral” rating and set a $38.00 price objective (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. Morgan Stanley reduced their target price on Range Resources from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Range Resources in a research note on Monday, December 29th. Finally, Citigroup reduced their price objective on Range Resources from $39.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $41.29.

Range Resources Trading Down 0.8%

Shares of NYSE:RRC traded down $0.30 during midday trading on Thursday, reaching $38.83. The company’s stock had a trading volume of 608,107 shares, compared to its average volume of 3,210,595. Range Resources has a fifty-two week low of $30.32 and a fifty-two week high of $43.50. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a 50 day moving average price of $35.91 and a two-hundred day moving average price of $36.27. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.35 and a beta of 0.58.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. The business had revenue of $786.89 million during the quarter, compared to the consensus estimate of $770.92 million. Range Resources had a return on equity of 16.53% and a net margin of 21.12%.The firm’s revenue for the quarter was up 30.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 earnings per share. As a group, analysts forecast that Range Resources will post 2.02 earnings per share for the current year.

Institutional Trading of Range Resources

A number of hedge funds have recently bought and sold shares of RRC. Boston Partners raised its stake in shares of Range Resources by 59.3% during the 3rd quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company’s stock worth $445,196,000 after purchasing an additional 4,398,042 shares during the period. Invesco Ltd. raised its stake in Range Resources by 230.1% in the 2nd quarter. Invesco Ltd. now owns 4,785,940 shares of the oil and gas exploration company’s stock valued at $194,644,000 after acquiring an additional 3,336,299 shares during the period. AQR Capital Management LLC boosted its position in Range Resources by 517.6% during the third quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company’s stock worth $91,852,000 after purchasing an additional 2,045,165 shares during the period. Holocene Advisors LP purchased a new position in shares of Range Resources in the third quarter worth about $66,560,000. Finally, UBS Group AG raised its position in shares of Range Resources by 66.3% in the fourth quarter. UBS Group AG now owns 3,588,540 shares of the oil and gas exploration company’s stock valued at $126,532,000 after purchasing an additional 1,430,477 shares during the period. 98.93% of the stock is currently owned by institutional investors.

Range Resources Company Profile

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.