Range Resources Corp. Now Covered by Canaccord Genuity (RRC)
Stock analysts at Canaccord Genuity assumed coverage on shares of Range Resources Corp. (NYSE:RRC) in a report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating on the stock.
The analysts wrote, “We believe that RRC can achieve its 20%-25% per year production growth goal for many years. With over 7,000 highly productive, low-risk wells yet to drill in just its core SW Marcellus acreage and with improving drilling and completion techniques leading to ever-greater cost efficiencies, we view RRC as one of the top-performing US natural gas/NGL producers.”
Shares of Range Resources Corp. (NYSE:RRC) traded up 1.77% during mid-day trading on Tuesday, hitting $77.01. 807,284 shares of the company’s stock traded hands. Range Resources Corp. has a 1-year low of $61.03 and a 1-year high of $85.23. The stock has a 50-day moving average of $78.63 and a 200-day moving average of $76.75. The company has a market cap of $12.302 billion and a price-to-earnings ratio of 185.47.
Range Resources Corp. (NYSE:RRC) last released its earnings data on Wednesday, July 24th. The company reported $0.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.33 by $0.01. The company had revenue of $431.00 million for the quarter, compared to the consensus estimate of $420.70 million. During the same quarter last year, the company posted $0.11 earnings per share. Range Resources Corp.’s revenue was up 46.7% compared to the same quarter last year. Analysts expect that Range Resources Corp. will post $1.42 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on RRC. Analysts at Beaufort Securities reiterated a “speculative buy” rating on shares of Range Resources Corp. in a research note to investors on Monday. Separately, analysts at Zacks upgraded shares of Range Resources Corp. from a “neutral” rating to an “outperform” rating in a research note to investors on Wednesday, August 7th. They now have a $98.00 price target on the stock.
Eleven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $85.93.
In other Range Resources Corp. news, CEO Jeffrey Ventura sold 21,401 shares of Range Resources Corp. stock in a transaction that occured on Thursday, August 15th. The shares were sold at an average price of $76.95, for a total value of $1,646,806.95. Following the completion of the sale, the chief executive officer now directly owns 193,895 shares in the company. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Range Resources Corporation (NYSE:RRC) is an independent natural gas, natural gas liquids and oil company, engaged in the exploration, development and acquisition of natural gas and oil properties, mostly in the Appalachian and Southwestern regions of the United States.
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