Range Resources (NYSE:RRC) Price Target Increased to $37.00 by Analysts at Truist Financial

Range Resources (NYSE:RRCGet Rating) had its target price hoisted by equities researchers at Truist Financial from $33.00 to $37.00 in a note issued to investors on Thursday, The Fly reports. Truist Financial’s target price would indicate a potential upside of 9.66% from the company’s current price.

A number of other brokerages also recently commented on RRC. Susquehanna Bancshares increased their price target on Range Resources from $22.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, February 24th. Zacks Investment Research downgraded Range Resources from a “hold” rating to a “sell” rating and set a $19.00 target price for the company. in a research report on Thursday, January 6th. TheStreet raised Range Resources from a “c-” rating to a “b-” rating in a research report on Friday, March 4th. Wells Fargo & Company raised their target price on Range Resources from $34.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Monday, March 14th. Finally, Morgan Stanley decreased their target price on Range Resources from $26.00 to $25.00 and set an “underweight” rating for the company in a research report on Tuesday, January 25th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.37.

Shares of RRC traded up $0.77 on Thursday, reaching $33.74. 43,673 shares of the company’s stock traded hands, compared to its average volume of 6,273,465. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 1.30. The stock has a market cap of $8.87 billion, a PE ratio of 22.64, a PEG ratio of 0.28 and a beta of 2.12. The stock’s 50 day simple moving average is $27.28 and its two-hundred day simple moving average is $23.12. Range Resources has a 52-week low of $8.47 and a 52-week high of $34.61.

Range Resources (NYSE:RRCGet Rating) last issued its quarterly earnings results on Tuesday, February 22nd. The oil and gas exploration company reported $0.96 EPS for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.02). The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $871.99 million. Range Resources had a net margin of 14.05% and a return on equity of 31.21%. The business’s revenue was up 161.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 earnings per share. Analysts forecast that Range Resources will post 4.03 earnings per share for the current year.

Range Resources announced that its board has initiated a stock buyback plan on Tuesday, February 22nd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the oil and gas exploration company to buy up to 9.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

In related news, SVP Dori Ginn sold 10,000 shares of Range Resources stock in a transaction on Friday, April 8th. The stock was sold at an average price of $32.60, for a total transaction of $326,000.00. Following the completion of the sale, the senior vice president now owns 75,098 shares of the company’s stock, valued at $2,448,194.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.93% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the business. O Shaughnessy Asset Management LLC purchased a new position in shares of Range Resources in the 3rd quarter worth about $25,000. Confluence Wealth Services Inc. bought a new stake in Range Resources in the 4th quarter worth approximately $35,000. Crestmont Private Wealth LLC bought a new stake in Range Resources in the 4th quarter worth approximately $53,000. Stonebridge Capital Advisors LLC bought a new stake in Range Resources in the 4th quarter worth approximately $57,000. Finally, Manchester Capital Management LLC bought a new stake in Range Resources in the 4th quarter worth approximately $80,000. 91.40% of the stock is owned by hedge funds and other institutional investors.

About Range Resources (Get Rating)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company in the United States. The company engages in the exploration, development, and acquisition of natural gas and oil properties. As of December 31, 2021, the company owned and operated 1,350 net producing wells and approximately 794,000 net acres under lease located in the Appalachian region of the northeastern United States.

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