Range Resources (NYSE:RRC) Cut to Hold at Wells Fargo & Company

Range Resources (NYSE:RRC) was downgraded by equities research analysts at Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

RRC has been the subject of several other reports. Zacks Research upgraded shares of Range Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, November 14th. Raymond James Financial dropped their price target on shares of Range Resources from $45.00 to $41.00 and set an “outperform” rating on the stock in a research note on Friday, September 19th. Morgan Stanley decreased their price objective on shares of Range Resources from $44.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 14th. UBS Group raised their target price on Range Resources from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Finally, Susquehanna dropped their target price on Range Resources to $39.00 and set a “neutral” rating on the stock in a research report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and a consensus target price of $41.95.

Range Resources Stock Performance

Shares of NYSE:RRC opened at $33.66 on Monday. The company has a market cap of $7.97 billion, a P/E ratio of 14.14, a PEG ratio of 0.22 and a beta of 0.51. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.56 and a current ratio of 0.56. Range Resources has a one year low of $30.32 and a one year high of $43.50. The business’s 50-day simple moving average is $36.79 and its 200 day simple moving average is $36.43.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.03. Range Resources had a return on equity of 15.99% and a net margin of 19.64%.The firm had revenue of $655.30 million during the quarter, compared to analysts’ expectations of $721.22 million. During the same quarter in the prior year, the business earned $0.48 EPS. Range Resources’s quarterly revenue was up 21.7% compared to the same quarter last year. On average, sell-side analysts forecast that Range Resources will post 2.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Range Resources

Several large investors have recently modified their holdings of RRC. Hantz Financial Services Inc. grew its stake in Range Resources by 1,464.6% in the second quarter. Hantz Financial Services Inc. now owns 751 shares of the oil and gas exploration company’s stock worth $31,000 after purchasing an additional 703 shares in the last quarter. True Wealth Design LLC raised its stake in Range Resources by 116.3% during the third quarter. True Wealth Design LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 541 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Range Resources by 49.6% during the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 336 shares in the last quarter. Barrett & Company Inc. bought a new position in Range Resources during the 2nd quarter worth approximately $41,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Range Resources in the 2nd quarter worth approximately $45,000. Institutional investors own 98.93% of the company’s stock.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.