Range Resources (NYSE:RRC) Stock Rating Upgraded by Bank of America

Range Resources (NYSE:RRC) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage presently has a $45.00 price target on the oil and gas exploration company’s stock, up from their previous price target of $34.00. Bank of America‘s target price points to a potential upside of 13.61% from the company’s current price.

A number of other equities analysts have also issued reports on RRC. Benchmark reissued a “hold” rating on shares of Range Resources in a research report on Wednesday, October 23rd. Morgan Stanley lowered their price target on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a report on Monday, September 16th. Citigroup increased their price target on Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and lowered their price objective for the stock from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada upped their price objective on shares of Range Resources from $35.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Monday, November 25th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $37.16.

Range Resources Trading Up 2.9 %

Shares of NYSE RRC opened at $39.61 on Monday. The stock has a market capitalization of $9.56 billion, a P/E ratio of 20.01 and a beta of 1.81. The business has a fifty day moving average price of $34.96 and a 200 day moving average price of $32.38. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.76. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.32 by $0.16. The firm had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. Range Resources’s revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.43 EPS. Equities research analysts expect that Range Resources will post 1.91 EPS for the current fiscal year.

Insider Activity at Range Resources

In related news, Director Charles G. Griffie acquired 1,275 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The stock was purchased at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the transaction, the director now directly owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group purchased a new stake in Range Resources in the third quarter valued at approximately $25,000. Blue Trust Inc. raised its holdings in Range Resources by 107.8% in the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after buying an additional 705 shares during the period. Bogart Wealth LLC purchased a new stake in Range Resources during the third quarter worth approximately $49,000. Versant Capital Management Inc increased its holdings in Range Resources by 42.8% in the 4th quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after purchasing an additional 463 shares in the last quarter. Finally, CWM LLC grew its stake in shares of Range Resources by 276.8% in the third quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock valued at $71,000 after buying an additional 1,694 shares in the last quarter. Hedge funds and other 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.