Mizuho Cuts Range Resources (NYSE:RRC) Price Target to $45.00

Range Resources (NYSE:RRC) had its target price dropped by equities research analysts at Mizuho from $47.00 to $45.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the oil and gas exploration company’s stock. Mizuho’s price objective indicates a potential upside of 52.41% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a report on Wednesday, July 24th. JPMorgan Chase & Co. reduced their price objective on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research note on Thursday, September 12th. Wells Fargo & Company reduced their price objective on shares of Range Resources from $37.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. Jefferies Financial Group upped their price objective on shares of Range Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Monday, July 8th. Finally, Susquehanna reduced their price objective on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $36.58.

Range Resources Stock Performance

Shares of RRC stock opened at $29.53 on Monday. The stock has a market cap of $7.16 billion, a P/E ratio of 14.99 and a beta of 1.80. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The business has a fifty day simple moving average of $30.71 and a 200-day simple moving average of $33.56.

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

Institutional Trading of Range Resources

Several hedge funds have recently bought and sold shares of RRC. Fifth Third Bancorp increased its stake in Range Resources by 21.2% during the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after buying an additional 299 shares during the period. Perkins Coie Trust Co acquired a new position in Range Resources during the 2nd quarter valued at about $67,000. International Assets Investment Management LLC acquired a new position in Range Resources during the 2nd quarter valued at about $67,000. SYSTM Wealth Solutions LLC increased its stake in Range Resources by 17.9% during 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 buying an additional 325 shares during the period. Finally, nVerses Capital LLC acquired a new position in Range Resources during the 2nd quarter valued at about $107,000. 98.93% of the stock is currently owned by institutional investors.

Range Resources Company Profile

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.