Truist Financial Initiates Coverage on Range Resources (NYSE:RRC)

Truist Financial started coverage on shares of Range Resources (NYSE:RRC) in a research report issued on Tuesday, MarketBeat Ratings reports. The brokerage set a “hold” rating and a $48.00 price target on the oil and gas exploration company’s stock. Truist Financial’s target price points to a potential upside of 3.10% from the company’s previous close.

Several other equities research analysts have also recently commented on RRC. Mizuho boosted their price target on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Zacks Research upgraded shares of Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. TD Cowen boosted their target price on shares of Range Resources from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $39.00 target price (down from $44.00) on shares of Range Resources in a report on Monday, December 8th. Finally, Weiss Ratings raised shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, February 27th. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $42.76.

Range Resources Stock Performance

Shares of NYSE RRC opened at $46.56 on Tuesday. Range Resources has a 1 year low of $30.32 and a 1 year high of $46.69. The firm has a market cap of $10.96 billion, a P/E ratio of 16.99, a PEG ratio of 0.42 and a beta of 0.57. The stock has a fifty day moving average price of $39.15 and a two-hundred day moving average price of $37.52. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.67 and a current ratio of 0.67.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The company had revenue of $786.89 million for the quarter, compared to the consensus estimate of $770.92 million. During the same quarter in the previous year, the business earned $0.68 EPS. The company’s quarterly revenue was up 30.9% compared to the same quarter last year. Research analysts forecast that Range Resources will post 2.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Range Resources

A number of institutional investors have recently bought and sold shares of the business. CWA Asset Management Group LLC grew its position in Range Resources by 43.5% in the third quarter. CWA Asset Management Group LLC now owns 388,569 shares of the oil and gas exploration company’s stock worth $14,626,000 after acquiring an additional 117,722 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Range Resources by 753.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 90,179 shares of the oil and gas exploration company’s stock valued at $3,394,000 after purchasing an additional 79,613 shares in the last quarter. Citigroup Inc. lifted its stake in shares of Range Resources by 71.0% in the 3rd quarter. Citigroup Inc. now owns 307,604 shares of the oil and gas exploration company’s stock valued at $11,578,000 after purchasing an additional 127,753 shares during the last quarter. Congress Asset Management Co. lifted its stake in shares of Range Resources by 12.1% in the 3rd quarter. Congress Asset Management Co. now owns 539,285 shares of the oil and gas exploration company’s stock valued at $20,299,000 after purchasing an additional 58,335 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Range Resources by 3.3% in the third quarter. Vanguard Group Inc. now owns 24,851,886 shares of the oil and gas exploration company’s stock worth $935,425,000 after purchasing an additional 799,574 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Company Profile

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.