Range Resources Corp. Rating Lowered to Neutral at Zacks (RRC)
Range Resources Corp. (NYSE:RRC) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report released on Friday, American Banking and Market News reports. They currently have a $79.00 target price on the stock. Zacks‘ target price would indicate a potential upside of 5.03% from the stock’s previous close.
Zacks‘ analyst wrote, “We are downgrading our recommendation to Neutral from Outperform on Range Resources, ahead of third quarter results. Going forward, we are hopeful that Range Resources’ record production growth profile, along with its sale of non-core properties, will prove beneficial over time. Additionally, the robust asset base of Range Resources, especially in the Marcellus Shale and horizontal Mississippian plays, will help generate growth. But for now, we remain on the sidelines as the company is still exposed to a volatile natural gas price environment, interest rate risks and an uncertain macro backdrop. Additionally, Range Resources is governed by several stringent regulations, especially in the Marcellus Shale, the Appalachian Basin and the southwestern U.S., where it has a significant asset base.”
Range Resources Corp. (NYSE:RRC) traded up 1.20% on Friday, hitting $76.12. The stock had a trading volume of 446,066 shares. Range Resources Corp. has a one year low of $61.03 and a one year high of $85.23. The stock has a 50-day moving average of $77.2 and a 200-day moving average of $77.44. The company has a market cap of $12.160 billion and a P/E ratio of 184.36.
Range Resources Corp. (NYSE:RRC) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.11 earnings per share. The company’s revenue for the quarter was up 46.7% on a year-over-year basis. Analysts expect that Range Resources Corp. will post $1.38 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Societe Generale raised their price target on shares of Range Resources Corp. (NYSE:RRC) from $92.00 to $94.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Beaufort Securities reiterated a “speculative buy” rating on shares of Range Resources Corp. (NYSE:RRC) in a research note to investors on Wednesday. Finally, analysts at Beaufort Securities reiterated a “speculative buy” rating on shares of Range Resources Corp. (NYSE:RRC) in a research note to investors on Tuesday, September 17th. Twelve research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $85.67.
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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