Range Resources (NYSE:RRC) Upgraded by Piper Sandler to “Overweight”

Range Resources (NYSE:RRCGet Rating) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, The Fly reports.

RRC has been the topic of a number of other research reports. Wells Fargo & Company upped their price objective 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. Susquehanna Bancshares upped their price objective on Range Resources from $22.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, February 24th. StockNews.com assumed coverage on Range Resources in a research report on Thursday, March 31st. They set a “hold” rating on the stock. TheStreet raised Range Resources from a “c-” rating to a “b-” rating in a research report on Friday, March 4th. Finally, Susquehanna upped their price objective on Range Resources from $22.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, February 24th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.00.

Shares of NYSE RRC opened at $32.97 on Thursday. The firm has a market cap of $8.66 billion, a price-to-earnings ratio of 22.13, a PEG ratio of 0.28 and a beta of 2.12. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 1.30. Range Resources has a 52-week low of $8.47 and a 52-week high of $34.61. The business’s 50 day moving average is $27.28 and its two-hundred day moving average is $23.12.

Range Resources (NYSE:RRCGet Rating) last announced its earnings results on Tuesday, February 22nd. The oil and gas exploration company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.02). The firm had revenue of $1.57 billion during 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 firm’s revenue for the quarter was up 161.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.02 EPS. Analysts anticipate that Range Resources will post 4.03 EPS for the current fiscal year.

Range Resources declared that its board has initiated a stock repurchase plan on Tuesday, February 22nd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the oil and gas exploration company to reacquire up to 9.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RRC. Morgan Stanley boosted its stake in Range Resources by 87.4% in the second quarter. Morgan Stanley now owns 1,754,998 shares of the oil and gas exploration company’s stock valued at $29,414,000 after acquiring an additional 818,687 shares in the last quarter. Strs Ohio boosted its stake in shares of Range Resources by 120.7% during the third quarter. Strs Ohio now owns 18,100 shares of the oil and gas exploration company’s stock worth $409,000 after buying an additional 9,900 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in shares of Range Resources by 15.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 206,821 shares of the oil and gas exploration company’s stock worth $4,680,000 after buying an additional 27,562 shares during the period. SG Americas Securities LLC boosted its stake in shares of Range Resources by 192.6% during the third quarter. SG Americas Securities LLC now owns 170,181 shares of the oil and gas exploration company’s stock worth $3,851,000 after buying an additional 112,020 shares during the period. Finally, Raymond James & Associates boosted its stake in shares of Range Resources by 2.4% during the third quarter. Raymond James & Associates now owns 54,705 shares of the oil and gas exploration company’s stock worth $1,238,000 after buying an additional 1,282 shares during the period. Institutional investors own 91.40% of the company’s stock.

Range Resources Company Profile (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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