Mizuho Lowers Range Resources (NYSE:RRC) Price Target to $40.00

Range Resources (NYSE:RRC - Get Free Report) had its price target reduced by investment analysts at Mizuho from $45.00 to $40.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an "outperform" rating on the oil and gas exploration company's stock. Mizuho's price objective would suggest a potential upside of 30.04% from the company's previous close.

Several other research firms have also recently issued reports on RRC. Benchmark reissued a "hold" rating on shares of Range Resources in a research report on Wednesday, July 24th. Scotiabank upgraded shares of Range Resources from a "sector perform" rating to a "sector outperform" rating and set a $45.00 price target on the stock in a research note on Tuesday, August 20th. JPMorgan Chase & Co. cut 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. Morgan Stanley cut their price objective on shares of Range Resources from $33.00 to $31.00 and set an "underweight" rating on the stock in a research note on Monday, September 16th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $39.00 price objective on shares of Range Resources in a research note on Thursday, July 25th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Range Resources currently has an average rating of "Hold" and an average price target of $35.22.

Range Resources Stock Performance

NYSE:RRC traded down $0.86 during trading hours on Wednesday, reaching $30.76. The company had a trading volume of 1,852,969 shares, compared to its average volume of 2,344,650. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. 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 $7.46 billion, a price-to-earnings ratio of 15.61 and a beta of 1.80. The firm's 50 day moving average price is $30.05 and its 200-day moving average price is $33.37.

Range Resources (NYSE:RRC - Get Free Report) last posted its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. The business had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The firm's revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 EPS. On average, analysts forecast that Range Resources will post 1.87 EPS for the current year.

Insider Transactions at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the firm's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the transaction, the vice president now directly owns 9,670 shares of the company's stock, valued at approximately $304,121.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.57% of the company's stock.

Hedge Funds Weigh In On Range Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp lifted its stake in shares of 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 worth $57,000 after buying an additional 299 shares in the last quarter. Perkins Coie Trust Co acquired a new stake in Range Resources during the second quarter worth about $67,000. International Assets Investment Management LLC acquired a new stake in Range Resources during the second quarter worth about $67,000. CWM LLC increased its position in Range Resources by 276.8% during the third quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company's stock worth $71,000 after purchasing an additional 1,694 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in Range Resources during the second quarter worth about $107,000. 98.93% of the stock is owned by hedge funds and other 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.