Range Resources (NYSE:RRC) PT Raised to $33.00

Range Resources (NYSE:RRC) had its price objective boosted by equities research analysts at Morgan Stanley from $23.00 to $33.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas exploration company’s stock. Morgan Stanley’s target price would suggest a potential downside of 5.12% from the stock’s current price.

Several other research firms have also recently issued reports on RRC. Truist Financial cut their price objective on Range Resources from $32.00 to $30.00 and set a “hold” rating for the company in a research report on Friday, April 5th. Piper Sandler dropped their price target on Range Resources from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, March 7th. Mizuho restated a “buy” rating and issued a $39.00 price target on shares of Range Resources in a research report on Thursday, April 11th. Barclays started coverage on Range Resources in a research note on Wednesday, April 10th. They set an “underweight” rating and a $35.00 price objective on the stock. Finally, Raymond James decreased their price objective on Range Resources from $37.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Five analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $35.75.

Range Resources Trading Up 0.2 %

NYSE:RRC opened at $34.78 on Wednesday. The stock has a fifty day moving average price of $32.89 and a two-hundred day moving average price of $32.21. The stock has a market capitalization of $8.42 billion, a price-to-earnings ratio of 9.82 and a beta of 1.83. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.49 and a current ratio of 1.49. Range Resources has a 1 year low of $23.92 and a 1 year high of $37.88.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.21. The firm had revenue of $941.40 million during the quarter, compared to analysts’ expectations of $672.25 million. Range Resources had a return on equity of 15.87% and a net margin of 25.82%. Range Resources’s revenue was down 42.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.26 earnings per share. As a group, sell-side analysts anticipate that Range Resources will post 1.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Range Resources

Several hedge funds and other institutional investors have recently made changes to their positions in RRC. Boston Partners grew its stake in shares of Range Resources by 1,858.7% during the fourth quarter. Boston Partners now owns 6,397,521 shares of the oil and gas exploration company’s stock worth $194,722,000 after purchasing an additional 6,070,900 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Range Resources by 143.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,897,553 shares of the oil and gas exploration company’s stock worth $103,169,000 after purchasing an additional 2,296,114 shares during the period. Renaissance Technologies LLC grew its stake in shares of Range Resources by 55.5% during the first quarter. Renaissance Technologies LLC now owns 4,007,083 shares of the oil and gas exploration company’s stock worth $106,067,000 after purchasing an additional 1,429,500 shares during the period. Morgan Stanley grew its stake in shares of Range Resources by 34.0% during the fourth quarter. Morgan Stanley now owns 2,940,913 shares of the oil and gas exploration company’s stock worth $73,582,000 after purchasing an additional 746,228 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Range Resources by 22.4% during the third quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock worth $123,049,000 after purchasing an additional 693,970 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.