Wells Fargo & Company Downgrades Range Resources (NYSE:RRC) to Equal Weight

Range Resources (NYSE:RRC) was downgraded by Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report released on Monday, Marketbeat.com reports. They presently have a $43.00 price objective on the oil and gas exploration company’s stock, down from their prior price objective of $46.00. Wells Fargo & Company‘s price objective indicates a potential upside of 27.61% from the stock’s current price.

Several other equities analysts have also commented on the company. Morgan Stanley reduced their price objective on Range Resources from $44.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 14th. Susquehanna cut their target price on Range Resources to $39.00 and set a “neutral” rating for the company in a research note on Monday, October 20th. UBS Group increased their price target on shares of Range Resources from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Mizuho boosted their price objective on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, Piper Sandler cut their price objective on shares of Range Resources from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Tuesday, November 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $41.95.

Range Resources Stock Performance

NYSE RRC opened at $33.70 on Monday. Range Resources has a 52-week low of $30.32 and a 52-week high of $43.50. The company has a fifty day moving average of $36.73 and a 200-day moving average of $36.37. The company has a market capitalization of $7.98 billion, a P/E ratio of 14.16, a P/E/G ratio of 0.23 and a beta of 0.51. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.56 and a current ratio of 0.56.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.03. Range Resources had a return on equity of 15.99% and a net margin of 19.64%.The business had revenue of $655.30 million for the quarter, compared to analysts’ expectations of $721.22 million. During the same quarter in the prior year, the firm earned $0.48 earnings per share. The firm’s revenue was up 21.7% on a year-over-year basis. As a group, equities research analysts predict that Range Resources will post 2.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Range Resources by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 24,851,886 shares of the oil and gas exploration company’s stock valued at $935,425,000 after buying an additional 799,574 shares during the last quarter. Boston Partners increased its holdings in 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 valued at $445,196,000 after purchasing an additional 4,398,042 shares during the period. Dimensional Fund Advisors LP raised its position in Range Resources by 7.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,291,202 shares of the oil and gas exploration company’s stock valued at $312,075,000 after purchasing an additional 608,274 shares during the last quarter. Lingotto Investment Management LLP raised its position in Range Resources by 2.0% during the 2nd quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock valued at $291,263,000 after purchasing an additional 138,877 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings 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 worth $194,644,000 after buying an additional 3,336,299 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.