Bank of America Reaffirms Neutral Rating for Range Resources (NYSE:RRC)

Range Resources (NYSE:RRC)‘s stock had its “neutral” rating reaffirmed by research analysts at Bank of America in a research report issued to clients and investors on Friday, MarketBeat.com reports. They presently have a $38.00 target price on the oil and gas exploration company’s stock, down from their prior target price of $44.00. Bank of America‘s target price indicates a potential upside of 10.40% from the company’s previous close.

A number of other analysts have also weighed in on RRC. Raymond James Financial lowered their target price on Range Resources from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Friday, September 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Range Resources in a research report on Monday, December 29th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $39.00 target price (down from $44.00) on shares of Range Resources in a report on Monday, December 8th. Piper Sandler decreased their price target on shares of Range Resources from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Tuesday, November 18th. Finally, Wells Fargo & Company set a $43.00 price objective on shares of Range Resources and gave the stock an “equal weight” rating in a research report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.37.

Range Resources Stock Up 2.4%

NYSE:RRC opened at $34.42 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.56 and a quick ratio of 0.56. Range Resources has a 1-year low of $30.32 and a 1-year high of $43.50. The company has a 50-day moving average of $36.53 and a 200 day moving average of $36.27. The firm has a market cap of $8.16 billion, a PE ratio of 14.46, a price-to-earnings-growth ratio of 0.24 and a beta of 0.51.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.54 by $0.03. Range Resources had a net margin of 19.64% and a return on equity of 15.99%. The business had revenue of $655.30 million during the quarter, compared to analyst estimates of $721.22 million. During the same quarter in the previous year, the business posted $0.48 EPS. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. As a group, research analysts anticipate that Range Resources will post 2.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Range Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank Pictet & Cie Europe AG grew its holdings in shares of Range Resources by 100.0% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 1,038,000 shares of the oil and gas exploration company’s stock valued at $36,600,000 after buying an additional 519,000 shares during the last quarter. Foster & Motley Inc. lifted its position in Range Resources by 3.0% during the 4th quarter. Foster & Motley Inc. now owns 23,235 shares of the oil and gas exploration company’s stock worth $819,000 after acquiring an additional 680 shares during the period. One Plus One Wealth Management LLC acquired a new stake in Range Resources during the 4th quarter worth about $297,000. Cox Capital Mgt LLC grew its stake in Range Resources by 56.4% during the 4th quarter. Cox Capital Mgt LLC now owns 45,819 shares of the oil and gas exploration company’s stock valued at $1,546,000 after purchasing an additional 16,532 shares during the last quarter. Finally, Canoe Financial LP increased its holdings in shares of Range Resources by 13.1% in the fourth quarter. Canoe Financial LP now owns 1,573,309 shares of the oil and gas exploration company’s stock valued at $56,261,000 after purchasing an additional 182,000 shares during the period. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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.