Range Resources (NYSE:RRC) Price Target Raised to $40.00 at Wells Fargo & Company

Range Resources (NYSE:RRC - Get Free Report) had its price objective raised by equities research analysts at Wells Fargo & Company from $38.00 to $40.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the oil and gas exploration company's stock. Wells Fargo & Company's price target suggests a potential upside of 17.13% from the company's previous close.

A number of other equities research analysts have also issued reports on RRC. Royal Bank of Canada lifted their price objective on shares of Range Resources from $35.00 to $40.00 and gave the company a "sector perform" rating in a research report on Monday, November 25th. Benchmark reiterated a "hold" rating on shares of Range Resources in a report on Wednesday, October 23rd. Scotiabank raised shares of Range Resources from a "sector perform" rating to a "sector outperform" rating and set a $45.00 price objective for the company in a report on Tuesday, August 20th. Mizuho lifted their target price on Range Resources from $40.00 to $47.00 and gave the stock an "outperform" rating in a report on Monday. Finally, StockNews.com raised Range Resources to a "sell" rating in a research note on Wednesday, November 27th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Range Resources currently has a consensus rating of "Hold" and a consensus target price of $36.00.

Range Resources Price Performance

NYSE:RRC traded down $0.40 during trading hours on Tuesday, hitting $34.15. 1,803,634 shares of the stock traded hands, compared to its average volume of 2,324,038. The stock has a 50 day moving average price of $33.02 and a 200 day moving average price of $32.34. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The company has a market cap of $8.24 billion, a price-to-earnings ratio of 17.25 and a beta of 1.85. Range Resources has a 1 year low of $27.29 and a 1 year high of $39.33.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. Range Resources's revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.43 EPS. Sell-side analysts forecast that Range Resources will post 1.91 EPS for the current fiscal year.

Insider Transactions at Range Resources

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

Institutional Trading of Range Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Lingotto Investment Management LLP boosted its stake in Range Resources by 1.5% in the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company's stock worth $216,326,000 after purchasing an additional 93,782 shares in the last quarter. KGH Ltd lifted its stake in shares of Range Resources by 3.2% during the second quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company's stock worth $203,862,000 after buying an additional 190,000 shares during the period. Geode Capital Management LLC grew its holdings in shares of Range Resources by 0.9% during the third 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 buying an additional 35,344 shares during the last quarter. Canoe Financial LP increased its position in shares of Range Resources by 114.9% in the 3rd quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company's stock valued at $81,299,000 after acquiring an additional 1,422,200 shares during the period. Finally, William Blair Investment Management LLC acquired a new position in shares of Range Resources in the 2nd quarter valued at $78,223,000. Hedge funds and other institutional investors own 98.93% of the company's stock.

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.