Mizuho Forecasts Strong Price Appreciation for Range Resources (NYSE:RRC) Stock

Range Resources (NYSE:RRC) had its price objective increased by analysts at Mizuho from $40.00 to $47.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas exploration company’s stock. Mizuho’s price target suggests a potential upside of 37.63% from the company’s previous close.

A number of other research analysts also recently weighed in on RRC. JPMorgan Chase & Co. cut their price objective on Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research note on Thursday, September 12th. Stephens boosted their price objective on shares of Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Piper Sandler lowered their target price on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. StockNews.com raised shares of Range Resources to a “sell” rating in a research report on Wednesday, November 27th. Finally, Morgan Stanley lowered their price target on Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research report on Monday, September 16th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $36.00.

Range Resources Stock Down 1.2 %

Shares of Range Resources stock opened at $34.15 on Monday. The stock has a 50-day simple moving average of $33.02 and a 200-day simple moving average of $32.34. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 17.25 and a beta of 1.85. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.32 by $0.16. The company had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.43 earnings per share. On average, equities research analysts expect that Range Resources will post 1.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Range Resources news, Director Charles G. Griffie bought 1,275 shares of the stock in a transaction dated Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the purchase, the director now owns 5,921 shares in the company, valued at $186,274.66. This represents a 27.44 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. This trade represents a 56.77 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

Several hedge funds have recently modified their holdings of the stock. Forthright Family Wealth Advisory LLC acquired a new position in shares of Range Resources during the third quarter valued at $445,000. Sanctuary Advisors LLC acquired a new position in Range Resources during the 3rd quarter valued at about $205,000. Geode Capital Management LLC boosted its stake in shares of Range Resources by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,003,299 shares of the oil and gas exploration company’s stock valued at $123,174,000 after purchasing an additional 35,344 shares during the last quarter. M&T Bank Corp boosted its stake in shares of Range Resources by 3.1% in the 3rd quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company’s stock valued at $332,000 after purchasing an additional 327 shares during the last quarter. Finally, Barclays PLC grew its position in shares of Range Resources by 180.8% during the 3rd quarter. Barclays PLC now owns 222,017 shares of the oil and gas exploration company’s stock worth $6,830,000 after buying an additional 142,938 shares during the period. 98.93% of the stock is 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.