Royal Bank Of Canada Reaffirms Buy Rating for Range Resources Corporation (RRC)
Range Resources Corporation (NYSE:RRC)‘s stock had its “buy” rating reissued by equities researchers at Royal Bank Of Canada in a research note issued to investors on Friday. They currently have a $32.00 price objective on the oil and gas exploration company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 93.00% from the company’s previous close.
RRC has been the subject of a number of other research reports. Goldman Sachs Group, Inc. (The) cut shares of Range Resources Corporation from a “conviction-buy” rating to a “buy” rating and set a $42.50 price objective for the company. in a report on Friday, June 2nd. Robert W. Baird cut their price objective on shares of Range Resources Corporation from $29.00 to $22.00 and set a “neutral” rating for the company in a report on Friday, August 11th. Citigroup Inc. cut their price objective on shares of Range Resources Corporation from $42.00 to $34.00 and set a “buy” rating for the company in a report on Friday, July 21st. Zacks Investment Research raised shares of Range Resources Corporation from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a report on Monday, July 17th. Finally, Jefferies Group LLC set a $36.00 price objective on shares of Range Resources Corporation and gave the company a “buy” rating in a report on Tuesday, August 29th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $38.33.
Shares of Range Resources Corporation (NYSE RRC) opened at 16.58 on Friday. The stock’s 50 day moving average is $18.44 and its 200-day moving average is $23.81. The company has a market cap of $4.05 billion, a P/E ratio of 112.03 and a beta of 0.94. Range Resources Corporation has a 12 month low of $15.99 and a 12 month high of $43.04.
Range Resources Corporation (NYSE:RRC) last released its quarterly earnings data on Tuesday, August 1st. The oil and gas exploration company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.20. Range Resources Corporation had a net margin of 1.75% and a return on equity of 0.67%. The company had revenue of $565 million during the quarter, compared to analysts’ expectations of $544.08 million. During the same quarter in the previous year, the company earned ($1.35) earnings per share. The firm’s revenue for the quarter was up 55.8% on a year-over-year basis. On average, equities analysts forecast that Range Resources Corporation will post $0.51 EPS for the current year.
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In other news, Director Steffen E. Palko bought 15,000 shares of Range Resources Corporation stock in a transaction on Thursday, August 10th. The shares were bought at an average cost of $16.81 per share, with a total value of $252,150.00. Following the completion of the purchase, the director now directly owns 27,267 shares of the company’s stock, valued at $458,358.27. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James M. Funk bought 4,000 shares of Range Resources Corporation stock in a transaction on Wednesday, June 14th. The shares were purchased at an average cost of $22.96 per share, for a total transaction of $91,840.00. Following the completion of the purchase, the director now directly owns 11,303 shares of the company’s stock, valued at $259,516.88. The disclosure for this purchase can be found here. Insiders have acquired 30,000 shares of company stock worth $541,640 over the last ninety days. 2.40% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. State of Wisconsin Investment Board raised its stake in shares of Range Resources Corporation by 18.7% in the 2nd quarter. State of Wisconsin Investment Board now owns 210,607 shares of the oil and gas exploration company’s stock valued at $4,880,000 after acquiring an additional 33,130 shares during the period. Rovida Advisors Inc. purchased a new stake in shares of Range Resources Corporation in the 2nd quarter valued at approximately $4,634,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Range Resources Corporation in the 1st quarter valued at approximately $440,000. Morgan Stanley raised its stake in shares of Range Resources Corporation by 25.9% in the 1st quarter. Morgan Stanley now owns 1,724,403 shares of the oil and gas exploration company’s stock valued at $50,181,000 after acquiring an additional 354,922 shares during the period. Finally, Prudential Financial Inc. raised its stake in shares of Range Resources Corporation by 3.0% in the 1st quarter. Prudential Financial Inc. now owns 253,351 shares of the oil and gas exploration company’s stock valued at $7,373,000 after acquiring an additional 7,300 shares during the period. 95.34% of the stock is currently owned by institutional investors and hedge funds.
About Range Resources Corporation
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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