JPMorgan Chase & Co. Lowers Range Resources (NYSE:RRC) Price Target to $31.00

Range Resources (NYSE:RRC) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $37.00 to $31.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the oil and gas exploration company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 6.77% from the stock’s current price.

Several other brokerages have also recently weighed in on RRC. The Goldman Sachs Group decreased their price target on Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Susquehanna dropped their price target on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Royal Bank of Canada reiterated a “sector perform” rating and set a $39.00 price objective on shares of Range Resources in a research report on Thursday, July 25th. Benchmark restated a “hold” rating on shares of Range Resources in a report on Wednesday, July 24th. Finally, Wells Fargo & Company cut their price target on shares of Range Resources from $37.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Monday, July 29th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, Range Resources has a consensus rating of “Hold” and a consensus target price of $36.68.

Range Resources Stock Performance

Shares of RRC stock opened at $29.04 on Thursday. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of 14.74 and a beta of 1.80. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. The business’s 50-day moving average price is $30.80 and its 200-day moving average price is $33.55. Range Resources has a 12 month low of $27.29 and a 12 month high of $39.33.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The firm had revenue of $641.30 million for the quarter, compared to analyst estimates of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 EPS. Equities research analysts forecast that Range Resources will post 2.07 EPS for the current year.

Hedge Funds Weigh In On Range Resources

A number of large investors have recently modified their holdings of the company. Fifth Third Bancorp raised its holdings in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after buying an additional 299 shares during the last quarter. Perkins Coie Trust Co bought a new stake in shares of Range Resources during the second quarter worth about $67,000. International Assets Investment Management LLC bought a new stake in shares of Range Resources during the second quarter worth about $67,000. Private Wealth Management Group LLC acquired a new stake in shares of Range Resources in the 4th quarter worth about $73,000. Finally, SYSTM Wealth Solutions LLC lifted its position in Range Resources by 17.9% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after acquiring an additional 325 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors.

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.