Range Resources (NYSE:RRC) Stock Price Expected to Rise, Citigroup Analyst Says

Range Resources (NYSE:RRC) had its target price lifted by stock analysts at Citigroup from $33.00 to $38.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s target price suggests a potential upside of 12.59% from the company’s current price.

RRC has been the topic of a number of other reports. Mizuho dropped their price objective on shares of Range Resources from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Royal Bank of Canada boosted their price target on Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a research report on Monday, November 25th. JPMorgan Chase & Co. reduced their target price on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research note on Thursday, September 12th. Stephens raised their price target on Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley dropped their target price on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a report on Monday, September 16th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, Range Resources has an average rating of “Hold” and a consensus target price of $35.06.

Range Resources Stock Down 2.2 %

Shares of NYSE RRC opened at $33.75 on Friday. The business has a 50-day moving average price of $32.57 and a 200 day moving average price of $32.44. The stock has a market cap of $8.14 billion, a PE ratio of 17.05 and a beta of 1.85. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company’s revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.43 earnings per share. Equities research analysts forecast that Range Resources will post 1.9 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the transaction, the vice president now owns 9,670 shares in the company, valued at $304,121.50. The trade was a 56.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles G. Griffie acquired 1,275 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was purchased at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the transaction, the director now directly owns 5,921 shares in the company, valued at approximately $186,274.66. The trade was a 27.44 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Range Resources

Hedge funds have recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new position in Range Resources during the 3rd quarter valued at about $25,000. Blue Trust Inc. raised its stake in shares of Range Resources by 107.8% during the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after buying an additional 705 shares during the last quarter. Bogart Wealth LLC bought a new stake in shares of Range Resources during the third quarter worth approximately $49,000. Fifth Third Bancorp lifted its holdings in Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after buying an additional 299 shares during the period. Finally, Perkins Coie Trust Co acquired a new stake in Range Resources during the 2nd quarter worth $67,000. 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.