Range Resources (NYSE:RRC) PT Raised to $33.00

Range Resources (NYSE:RRC) had its target price lifted by investment analysts at Morgan Stanley from $23.00 to $33.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “underweight” rating on the oil and gas exploration company’s stock. Morgan Stanley’s price objective indicates a potential downside of 5.12% from the company’s previous close.

Several other analysts also recently weighed in on the stock. Citigroup boosted their price target on shares of Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 3rd. Truist Financial lowered their price objective on shares of Range Resources from $32.00 to $30.00 and set a “hold” rating for the company in a research note on Friday, April 5th. Raymond James lowered their price objective on shares of Range Resources from $37.00 to $36.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Range Resources in a research note on Tuesday, April 9th. Finally, Mizuho reaffirmed a “buy” rating and set a $39.00 price objective on shares of Range Resources in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $35.75.

Range Resources Stock Performance

Range Resources stock opened at $34.78 on Wednesday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $8.42 billion, a PE ratio of 9.82 and a beta of 1.83. The firm has a fifty day simple moving average of $32.89 and a two-hundred day simple moving average of $32.21. Range Resources has a twelve month low of $23.92 and a twelve month high of $37.88.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.21. The business had revenue of $941.40 million during the quarter, compared to the consensus estimate of $672.25 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The firm’s revenue for the quarter was down 42.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.26 earnings per share. Research analysts expect that Range Resources will post 1.91 EPS for the current year.

Hedge Funds Weigh In On Range Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Range Resources by 0.4% in the third quarter. Vanguard Group Inc. now owns 25,135,388 shares of the oil and gas exploration company’s stock worth $634,920,000 after purchasing an additional 111,026 shares during the period. Boston Partners grew its holdings in Range Resources by 1,858.7% in the fourth quarter. Boston Partners now owns 6,397,521 shares of the oil and gas exploration company’s stock worth $194,722,000 after purchasing an additional 6,070,900 shares during the period. Exor Capital LLP grew its holdings in Range Resources by 2.5% in the fourth quarter. Exor Capital LLP now owns 6,347,163 shares of the oil and gas exploration company’s stock worth $101,646,000 after purchasing an additional 157,000 shares during the period. Dimensional Fund Advisors LP grew its holdings in Range Resources by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock worth $180,568,000 after purchasing an additional 90,028 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Range Resources by 55.5% in the first quarter. Renaissance Technologies LLC now owns 4,007,083 shares of the oil and gas exploration company’s stock worth $106,067,000 after purchasing an additional 1,429,500 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Company Profile

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.