Range Resources Corp. (RRC) – Analysts’ Recent Ratings Changes
Several brokerages have updated their recommendations and price targets on shares of Range Resources Corp. (NYSE: RRC) in the last few weeks:
- 10/7/2016 – Range Resources Corp. was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating. They now have a $46.00 price target on the stock.
- 10/3/2016 – Range Resources Corp. had its “hold” rating reaffirmed by analysts at Nomura. They now have a $45.00 price target on the stock.
- 10/3/2016 – Range Resources Corp. was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating. They now have a $43.75 price target on the stock.
- 9/30/2016 – Range Resources Corp. had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $52.00 price target on the stock.
- 9/28/2016 – Range Resources Corp. is now covered by analysts at Barclays PLC. They set an “underweight” rating and a $34.00 price target on the stock.
- 9/28/2016 – Range Resources Corp. is now covered by analysts at GMP Securities. They set a “buy” rating and a $47.00 price target on the stock.
- 9/21/2016 – Range Resources Corp. had its “outperform” rating reaffirmed by analysts at Credit Suisse Group AG. They now have a $49.00 price target on the stock.
- 9/20/2016 – Range Resources Corp. is now covered by analysts at Morgan Stanley. They set an “equal weight” rating and a $45.00 price target on the stock. They wrote, “We see significant upside if gas and NGL prices rebound, balanced by greater balance sheet risk than peers if commodity prices remain weak in 2017,” analyst Drew Venker wrote in a note. “We see relatively balanced risk-reward for Range net of the balance sheet improvement: the stock offers deep NAV upside, but downside is greater than many of its Appalachia peers due to its higher leverage and premium multiple,” Venker continued. Resource Potential And RiskMeanwhile, the analyst noted that Memorial’s Louisiana assets have large resource potential, but greater risk than the Marcellus as much of the acreage position is untested — versus the Marcellus, which has been extensively drilled and is fully delineated.After the Memorial deal, Venker expects Range’s YE-2017 leverage to remain above peers on his strip price deck at 3.7x net debt to EBITDA vs. the Marcellus-Utica peers at 2.0x.”If gas and NGL prices remain subdued next year, balance sheet concerns could quickly become investors’ primary concern on RRC. However, in a higher price environment in 2017, any remaining leverage concerns will quickly dissipate,”
- 9/9/2016 – Range Resources Corp. was given a new $50.00 price target on by analysts at Jefferies Group. They now have a “buy” rating on the stock.
Shares of Range Resources Corp. (NYSE:RRC) traded down 1.91% during trading on Wednesday, reaching $38.04. 3,621,707 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $39.43 and a 200 day moving average price of $40.37. Range Resources Corp. has a 12 month low of $19.21 and a 12 month high of $46.96. The firm’s market cap is $6.34 billion.
Range Resources Corp. (NYSE:RRC) last posted its quarterly earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.07. The firm earned $362.67 million during the quarter, compared to analyst estimates of $327.40 million. Range Resources Corp. had a negative return on equity of 14.57% and a negative net margin of 71.00%. Range Resources Corp.’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.01 EPS. On average, analysts forecast that Range Resources Corp. will post ($0.20) EPS for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.21%. The ex-dividend date was Wednesday, September 14th. Range Resources Corp.’s dividend payout ratio is presently -1.42%.
In related news, Director Gregory Gene Maxwell purchased 1,000 shares of the stock in a transaction dated Tuesday, September 27th. The stock was purchased at an average price of $37.00 per share, with a total value of $37,000.00. Following the transaction, the director now directly owns 12,211 shares in the company, valued at $451,807. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Ray N. Walker, Jr. sold 13,350 shares of Range Resources Corp. stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $37.53, for a total value of $501,025.50. Following the completion of the transaction, the chief operating officer now directly owns 42,598 shares of the company’s stock, valued at approximately $1,598,702.94. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.
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