Citigroup Issues Pessimistic Forecast for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its price target lowered by stock analysts at Citigroup from $50.00 to $45.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s target price indicates a potential upside of 9.14% from the company’s current price.

Several other equities research analysts have also recently weighed in on the stock. Royal Bank Of Canada lowered their price objective on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Weiss Ratings upgraded shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research report on Friday, February 27th. Bank of America restated a “neutral” rating and issued a $38.00 price objective (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. Freedom Capital upgraded shares of Range Resources to a “hold” rating in a research report on Thursday, April 2nd. Finally, Morgan Stanley lowered their price objective on shares of Range Resources from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, January 23rd. Four analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $42.76.

Range Resources Trading Up 1.3%

Shares of Range Resources stock opened at $41.23 on Tuesday. The stock has a market capitalization of $9.71 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 0.33 and a beta of 0.51. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.28. The company has a 50-day simple moving average of $41.52 and a 200 day simple moving average of $38.39. Range Resources has a 12-month low of $32.08 and a 12-month high of $48.31.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. The business had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The firm’s revenue for the quarter was up 30.9% on a year-over-year basis. During the same quarter last year, the company posted $0.68 EPS. Research analysts expect that Range Resources will post 2.02 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Brenda A. Cline sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $44.40, for a total value of $310,800.00. Following the transaction, the director owned 28,668 shares of the company’s stock, valued at approximately $1,272,859.20. This trade represents a 19.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. McAlvany Wealth Management LLC bought a new position in Range Resources during the 4th quarter worth approximately $2,942,000. Rockefeller Capital Management L.P. boosted its stake in Range Resources by 9.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 89,315 shares of the oil and gas exploration company’s stock worth $3,149,000 after acquiring an additional 7,541 shares during the last quarter. Corient Private Wealth LLC boosted its stake in Range Resources by 36.6% during the 4th quarter. Corient Private Wealth LLC now owns 9,995 shares of the oil and gas exploration company’s stock worth $353,000 after acquiring an additional 2,677 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Range Resources by 22.8% during the 4th quarter. Hsbc Holdings PLC now owns 427,713 shares of the oil and gas exploration company’s stock worth $14,966,000 after acquiring an additional 79,533 shares during the last quarter. Finally, Fearnley Asset Management AS bought a new position in Range Resources during the 4th quarter worth approximately $17,927,000. Institutional investors own 98.93% of the company’s stock.

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.