Range Resources Corp. Downgraded by Zacks to Neutral (RRC)
Range Resources Corp. (NYSE:RRC) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report released on Tuesday. They currently have a $91.00 target price on the stock. Zacks‘s target price would indicate a potential upside of 4.66% from the company’s current price.
Zacks’ analyst wrote, “We are downgrading our recommendation on Range Resources to Neutral from Outperform. In 2014, the company expects to deliver 20-25% annualized production growth. We believe that Range Resources’ large acreage will support several years of oil and gas drilling in the fast-growing fields. In a dynamic natural gas price environment, the company’s record production, declining unit costs and sale of non-core properties will prove beneficial over time. However, at present, 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.”
RRC has been the subject of a number of other recent research reports. Analysts at Beaufort Securities reiterated a “speculative buy” rating on shares of Range Resources Corp. in a research note on Tuesday, June 17th. Finally, analysts at Barclays cut their price target on shares of Range Resources Corp. from $83.00 to $80.00 in a research note on Tuesday, May 20th. They now have an “underweight” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $97.10.
In other Range Resources Corp. news, VP David P. Poole unloaded 13,864 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $87.95, for a total value of $1,219,338.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Range Resources Corp. (NYSE:RRC) traded down 1.91% on Tuesday, hitting $85.29. The stock had a trading volume of 578,894 shares. Range Resources Corp. has a 52-week low of $72.54 and a 52-week high of $95.41. The stock has a 50-day moving average of $89. and a 200-day moving average of $86.83. The company has a market cap of $13.687 billion and a P/E ratio of 63.70.
Range Resources Corp. (NYSE:RRC) last announced its earnings results on Monday, April 28th. The company reported $0.20 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.46 by $0.26. The company had revenue of $457.34 million for the quarter, compared to the consensus estimate of $486.70 million. During the same quarter last year, the company posted $0.33 earnings per share. Range Resources Corp.’s revenue was up 43.3% compared to the same quarter last year. Analysts expect that Range Resources Corp. will post $2.03 EPS for the current fiscal year.
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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