Range Resources Corporation (NYSE:RRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

According to Zacks, “More than 60% of Range Resources reserves are tilted toward natural gas. Therefore, the company’s results are vulnerable to declining natural gas price. These factors may impact the value of estimated proved reserves that could lead the company’s lender to lower the borrowing base. Other risks such as cost inflation, project delays and regulatory filings continue to weigh on the stock. 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 vast acreage. Over the last three months, the company’s shares have also underperformed the industry.”

A number of other research analysts have also commented on the company. Barclays PLC raised Range Resources Corporation from an “underweight” rating to an “overweight” rating and raised their price target for the company from $18.00 to $24.00 in a report on Wednesday. BMO Capital Markets set a $30.00 target price on Range Resources Corporation and gave the company a “buy” rating in a research note on Tuesday. Scotiabank reaffirmed a “buy” rating and set a $30.00 target price on shares of Range Resources Corporation in a research note on Monday. Jefferies Group LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of Range Resources Corporation in a research note on Tuesday. Finally, Stifel Nicolaus set a $21.00 target price on Range Resources Corporation and gave the company a “buy” rating in a research note on Thursday, October 5th. Four analysts have rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $33.89.

Shares of Range Resources Corporation (NYSE RRC) traded up 0.25% during midday trading on Friday, hitting $19.85. 282,465 shares of the company’s stock traded hands. The stock has a market cap of $4.84 billion, a P/E ratio of 134.12 and a beta of 0.95. The company has a 50 day moving average of $18.85 and a 200 day moving average of $22.35. Range Resources Corporation has a 52 week low of $16.00 and a 52 week high of $39.64.

Range Resources Corporation (NYSE:RRC) last issued its quarterly earnings results on Tuesday, August 1st. The oil and gas exploration company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.20. The company had revenue of $565.00 million for the quarter, compared to analyst estimates of $544.08 million. Range Resources Corporation had a return on equity of 0.67% and a net margin of 1.75%. The company’s quarterly revenue was up 55.8% compared to the same quarter last year. During the same period last year, the company earned ($1.35) earnings per share. On average, equities analysts forecast that Range Resources Corporation will post $0.50 EPS for the current fiscal year.

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In related news, Director Steffen E. Palko acquired 15,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were acquired at an average cost of $16.81 per share, with a total value of $252,150.00. Following the purchase, the director now owns 27,267 shares of the company’s stock, valued at $458,358.27. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Ralph Lowe acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was bought at an average cost of $17.99 per share, for a total transaction of $179,900.00. Following the completion of the purchase, the director now directly owns 25,413 shares in the company, valued at approximately $457,179.87. The disclosure for this purchase can be found here. Insiders purchased a total of 26,000 shares of company stock worth $449,800 over the last three months. 2.40% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of RRC. UBS Asset Management Americas Inc. raised its stake in shares of Range Resources Corporation by 11.7% in the 1st quarter. UBS Asset Management Americas Inc. now owns 482,393 shares of the oil and gas exploration company’s stock valued at $14,038,000 after acquiring an additional 50,440 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Range Resources Corporation by 886.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,001 shares of the oil and gas exploration company’s stock valued at $145,000 after acquiring an additional 4,494 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Range Resources Corporation by 47.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 6,445 shares of the oil and gas exploration company’s stock valued at $188,000 after acquiring an additional 2,071 shares in the last quarter. 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 in the last quarter. Finally, Stifel Financial Corp raised its stake in shares of Range Resources Corporation by 25.9% in the 1st quarter. Stifel Financial Corp now owns 37,446 shares of the oil and gas exploration company’s stock valued at $1,093,000 after acquiring an additional 7,702 shares in the last quarter. 95.61% 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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