Range Resources (NYSE:RRC) Stock Price Expected to Rise, Citigroup Analyst Says

Range Resources (NYSE:RRC - Get Free Report) had its target price boosted by equities researchers at Citigroup from $33.00 to $38.00 in a report released on Friday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas exploration company's stock. Citigroup's price target suggests a potential upside of 13.06% from the stock's previous close.

A number of other brokerages also recently weighed in on RRC. Stephens upped their price target on shares of Range Resources from $36.00 to $37.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. The Goldman Sachs Group decreased their price target on shares of Range Resources from $40.00 to $35.00 and set a "neutral" rating on the stock in a research report on Friday, September 6th. Wells Fargo & Company cut their price objective on Range Resources from $39.00 to $38.00 and set an "equal weight" rating for the company in a research report on Friday, October 25th. JPMorgan Chase & Co. cut their target price on Range Resources from $37.00 to $31.00 and set an "underweight" rating on the stock in a research report on Thursday, September 12th. Finally, Royal Bank of Canada increased their price target on Range Resources from $35.00 to $40.00 and gave the company a "sector perform" rating in a research report on Monday, November 25th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $35.06.

Range Resources Stock Performance

Shares of RRC stock traded down $0.89 during trading hours on Friday, reaching $33.61. The stock had a trading volume of 1,004,569 shares, compared to its average volume of 2,333,889. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a 50-day simple moving average of $32.51 and a 200-day simple moving average of $32.52. The firm has a market capitalization of $8.11 billion, a PE ratio of 16.96 and a beta of 1.85. Range Resources has a twelve month low of $27.29 and a twelve month high of $39.33.

Range Resources (NYSE:RRC - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. During the same quarter in the prior year, the firm posted $0.43 EPS. Range Resources's revenue was up .9% compared to the same quarter last year. As a group, equities analysts forecast that Range Resources will post 1.9 earnings per share for the current year.

Insider Activity

In other news, VP Ashley Kavanaugh sold 12,700 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the transaction, the vice president now directly owns 9,670 shares in the company, valued at $304,121.50. The trade was a 56.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction dated Thursday, October 24th. The stock was bought at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the purchase, the director now owns 5,921 shares of the company's stock, valued at $186,274.66. The trade was a 27.44 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Range Resources

Large investors have recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new stake in shares of Range Resources during the 3rd quarter valued at about $25,000. Blue Trust Inc. grew its stake in shares of Range Resources by 107.8% in the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company's stock valued at $46,000 after purchasing an additional 705 shares during the period. Bogart Wealth LLC acquired a new position in shares of Range Resources in the 3rd quarter worth approximately $49,000. Fifth Third Bancorp lifted its position in shares of 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 worth $57,000 after buying an additional 299 shares during the period. Finally, Perkins Coie Trust Co acquired a new stake in Range Resources in the 2nd quarter valued at $67,000. Institutional investors and hedge funds 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.

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