Range Resources (NYSE:RRC) Lowered to Sector Perform Rating by Scotiabank

Range Resources (NYSE:RRC) was downgraded by equities researchers at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued on Friday, Marketbeat Ratings reports. They presently have a $45.00 target price on the oil and gas exploration company’s stock. Scotiabank’s price target would indicate a potential upside of 9.52% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. Piper Sandler reduced their price objective on Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $40.00 price target on shares of Range Resources in a research note on Tuesday, January 14th. UBS Group upgraded Range Resources from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $28.00 to $35.00 in a research note on Monday, December 9th. Truist Financial boosted their price target on Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Finally, Citigroup boosted their price target on Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Range Resources presently has an average rating of “Hold” and an average target price of $37.16.

Range Resources Trading Down 0.5 %

Shares of RRC opened at $41.09 on Friday. The stock’s 50-day moving average is $35.62 and its two-hundred day moving average is $32.58. The stock has a market cap of $9.91 billion, a PE ratio of 20.75 and a beta of 1.81. Range Resources has a 12 month low of $27.29 and a 12 month high of $41.65. 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 issued its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The company had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Equities analysts forecast that Range Resources will post 2 earnings per share for the current fiscal year.

Insider Activity

In other Range Resources news, Director Charles G. Griffie acquired 1,275 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The stock was acquired at an average cost of $31.46 per share, with a total value of $40,111.50. Following the acquisition, the director now directly owns 5,921 shares of the company’s stock, valued at $186,274.66. This represents a 27.44 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Range Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp grew its holdings in Range Resources by 3.1% in the 3rd quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company’s stock worth $332,000 after buying an additional 327 shares in the last quarter. Commerce Bank grew its holdings in Range Resources by 5.7% in the 3rd quarter. Commerce Bank now owns 6,848 shares of the oil and gas exploration company’s stock worth $211,000 after buying an additional 369 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Range Resources by 0.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 66,630 shares of the oil and gas exploration company’s stock worth $2,397,000 after buying an additional 420 shares in the last quarter. UMB Bank n.a. grew its holdings in Range Resources by 59.0% in the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock worth $41,000 after buying an additional 426 shares in the last quarter. Finally, Inscription Capital LLC grew its holdings in Range Resources by 3.6% in the 3rd quarter. Inscription Capital LLC now owns 12,536 shares of the oil and gas exploration company’s stock worth $386,000 after buying an additional 433 shares in the last quarter. 98.93% of the stock is owned by institutional investors.

About Range Resources

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.