Range Resources (NYSE:RRC) Price Target Raised to $46.00

Range Resources (NYSE:RRC) had its price objective increased by Wells Fargo & Company from $43.00 to $46.00 in a research report sent to investors on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the oil and gas exploration company’s stock.

Several other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. restated an “underweight” rating and set a $39.00 target price (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. Bank of America restated a “neutral” rating and set a $38.00 price objective (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Range Resources in a research report on Monday, December 29th. Morgan Stanley lowered their price target on Range Resources from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Friday, January 23rd. Finally, UBS Group lifted their price objective on Range Resources from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Range Resources has a consensus rating of “Hold” and a consensus target price of $41.29.

Range Resources Trading Up 5.6%

Shares of NYSE RRC opened at $41.29 on Thursday. The firm’s 50 day moving average price is $36.14 and its 200-day moving average price is $36.36. Range Resources has a 52-week low of $30.32 and a 52-week high of $43.50. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.56 and a current ratio of 0.67. The company has a market cap of $9.72 billion, a PE ratio of 15.07, a P/E/G ratio of 0.38 and a beta of 0.58.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Boston Partners grew its stake in shares of 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 acquiring an additional 4,398,042 shares during the period. Invesco Ltd. boosted its position in shares of Range Resources by 230.1% in the second quarter. Invesco Ltd. now owns 4,785,940 shares of the oil and gas exploration company’s stock worth $194,644,000 after purchasing an additional 3,336,299 shares during the period. AQR Capital Management LLC boosted its position in shares of Range Resources by 517.6% in the third quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company’s stock worth $91,852,000 after purchasing an additional 2,045,165 shares during the period. Holocene Advisors LP purchased a new stake in shares of Range Resources in the third quarter worth $66,560,000. Finally, UBS Group AG raised its position in shares of Range Resources by 66.3% during the 4th quarter. UBS Group AG now owns 3,588,540 shares of the oil and gas exploration company’s stock valued at $126,532,000 after purchasing an additional 1,430,477 shares during the period. Institutional investors own 98.93% of the company’s stock.

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.