Range Resources (NYSE:RRC) Stock Rating Upgraded by Morgan Stanley

Range Resources (NYSE:RRC) was upgraded by stock analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued on Wednesday, MarketBeat reports. The brokerage currently has a $49.00 price objective on the oil and gas exploration company’s stock, up from their prior price objective of $40.00. Morgan Stanley’s target price suggests a potential upside of 26.08% from the company’s current price.

A number of other brokerages have also recently commented on RRC. UBS Group increased their price objective on shares of Range Resources from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Truist Financial increased their target price on Range Resources from $35.00 to $37.00 and gave the company a “hold” rating in a report on Monday, March 17th. The Goldman Sachs Group upped their price objective on Range Resources from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Scotiabank cut Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective for the company. in a research report on Friday, January 17th. Finally, StockNews.com cut shares of Range Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Range Resources has an average rating of “Hold” and an average target price of $40.89.

Range Resources Trading Down 2.4 %

Shares of RRC opened at $38.86 on Wednesday. The firm’s 50-day moving average is $38.56 and its two-hundred day moving average is $35.05. Range Resources has a twelve month low of $27.29 and a twelve month high of $41.95. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $9.38 billion, a P/E ratio of 19.63, a PEG ratio of 5.11 and a beta of 1.80.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.13. The firm had revenue of $626.42 million during the quarter, compared to the consensus estimate of $676.53 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. During the same period last year, the business posted $0.63 EPS. On average, research analysts predict that Range Resources will post 2.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RRC. Wellington Management Group LLP acquired a new position in shares of Range Resources during the 4th quarter valued at $33,684,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Range Resources by 23.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 9,094 shares of the oil and gas exploration company’s stock valued at $327,000 after purchasing an additional 1,756 shares during the period. Forum Financial Management LP boosted its stake in shares of Range Resources by 19.1% in the fourth quarter. Forum Financial Management LP now owns 8,046 shares of the oil and gas exploration company’s stock valued at $289,000 after purchasing an additional 1,293 shares during the period. GF Fund Management CO. LTD. acquired a new stake in Range Resources during the 4th quarter valued at $2,645,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Range Resources during the 4th quarter worth $3,001,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

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.