Range Resources (NYSE:RRC) Price Target Cut to $31.00

Range Resources (NYSE:RRC) had its price objective lowered by equities research analysts at Morgan Stanley from $33.00 to $31.00 in a report issued on Monday, Benzinga reports. The firm presently has an “underweight” rating on the oil and gas exploration company’s stock. Morgan Stanley’s price target would suggest a potential upside of 5.00% from the company’s previous close.

A number of other brokerages also recently issued reports on RRC. Mizuho decreased their price target on shares of Range Resources from $47.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday. Royal Bank of Canada reiterated a “sector perform” rating and set a $39.00 target price on shares of Range Resources in a research note on Thursday, July 25th. Susquehanna decreased their price target on Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Scotiabank upgraded Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price objective on the stock in a report on Tuesday, August 20th. Finally, Piper Sandler cut Range Resources from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $43.00 to $31.00 in a research note on Thursday, August 15th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Range Resources currently has an average rating of “Hold” and a consensus price target of $36.58.

Range Resources Stock Performance

Shares of RRC stock opened at $29.53 on Monday. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The company has a 50 day moving average price of $30.71 and a 200 day moving average price of $33.56. The stock has a market capitalization of $7.16 billion, a P/E ratio of 14.99 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58.

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

Institutional Trading of Range Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp lifted its position in Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the period. SYSTM Wealth Solutions LLC lifted its holdings in shares of 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 buying an additional 325 shares during the period. CIBC Asset Management Inc grew its holdings in Range Resources by 5.4% during the second quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock worth $228,000 after acquiring an additional 350 shares during the period. Orser Capital Management LLC raised its position in Range Resources by 0.8% in the first quarter. Orser Capital Management LLC now owns 54,223 shares of the oil and gas exploration company’s stock worth $1,867,000 after acquiring an additional 427 shares in the last quarter. Finally, Pekin Hardy Strauss Inc. lifted its holdings in Range Resources by 6.0% in the second quarter. Pekin Hardy Strauss Inc. now owns 10,650 shares of the oil and gas exploration company’s stock valued at $357,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

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.