Wells Fargo & Company Has Lowered Expectations for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its price target lowered by investment analysts at Wells Fargo & Company from $46.00 to $45.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 15.47% from the stock’s current price.

RRC has been the topic of several other research reports. Freedom Capital raised Range Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. Bank of America increased their price target on Range Resources from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, April 21st. Truist Financial dropped their price target on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. The Goldman Sachs Group cut their price objective on Range Resources from $44.00 to $39.00 and set a “neutral” rating on the stock in a report on Tuesday, June 30th. Finally, Susquehanna decreased their price objective on Range Resources from $45.00 to $41.00 and set a “neutral” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Range Resources currently has an average rating of “Hold” and an average price target of $43.12.

Range Resources Stock Up 0.3%

Shares of NYSE:RRC opened at $38.97 on Thursday. Range Resources has a 52 week low of $32.60 and a 52 week high of $48.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.65. The company has a market capitalization of $9.11 billion, a PE ratio of 10.77 and a beta of 0.41. The company has a 50 day moving average price of $38.23 and a two-hundred day moving average price of $39.42.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The company had revenue of $759.58 million for the quarter, compared to analysts’ expectations of $744.78 million. During the same period last year, the firm posted $0.66 earnings per share. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. Analysts forecast that Range Resources will post 3.48 earnings per share for the current year.

Institutional Trading of Range Resources

Institutional investors have recently modified their holdings of the company. Seelaus Asset Management LLC grew its holdings in shares of Range Resources by 2.6% during the first quarter. Seelaus Asset Management LLC now owns 9,745 shares of the oil and gas exploration company’s stock worth $440,000 after buying an additional 250 shares in the last quarter. Root Financial Partners LLC lifted its stake in Range Resources by 37.8% in the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $45,000 after acquiring an additional 276 shares in the last quarter. UMB Bank n.a. lifted its stake in Range Resources by 13.0% in the 4th quarter. UMB Bank n.a. now owns 2,431 shares of the oil and gas exploration company’s stock valued at $86,000 after acquiring an additional 279 shares in the last quarter. Confluence Wealth Services Inc. boosted its position in Range Resources by 3.2% during the 4th quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company’s stock worth $360,000 after acquiring an additional 312 shares during the last quarter. Finally, Harbor Investment Advisory LLC boosted its position in Range Resources by 0.9% during the 1st quarter. Harbor Investment Advisory LLC now owns 38,618 shares of the oil and gas exploration company’s stock worth $1,745,000 after acquiring an additional 330 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors.

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.