Range Resources (NYSE:RRC) Upgraded by JPMorgan Chase & Co. to "Neutral" Rating

Range Resources (NYSE:RRC - Get Free Report) was upgraded by equities researchers at JPMorgan Chase & Co. from an "underweight" rating to a "neutral" rating in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The brokerage currently has a $45.00 target price on the oil and gas exploration company's stock, up from their previous target price of $43.00. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 19.59% from the company's current price.

A number of other brokerages have also issued reports on RRC. The Goldman Sachs Group raised their price target on Range Resources from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Piper Sandler raised their target price on shares of Range Resources from $32.00 to $33.00 and gave the stock a "neutral" rating in a research report on Thursday, March 6th. Citigroup lowered shares of Range Resources from a "neutral" rating to a "reduce" rating in a research report on Wednesday, March 5th. Mizuho increased their price target on shares of Range Resources from $40.00 to $47.00 and gave the stock an "outperform" rating in a research note on Monday, December 16th. Finally, Wells Fargo & Company boosted their price objective on shares of Range Resources from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $39.84.

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Range Resources Stock Performance

Shares of RRC opened at $37.63 on Thursday. Range Resources has a 1 year low of $27.29 and a 1 year high of $41.95. The company's 50 day simple moving average is $38.23 and its 200 day simple moving average is $34.30. The company has a market capitalization of $9.08 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 5.11 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.13. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $626.42 million during the quarter, compared to the consensus estimate of $676.53 million. During the same period in the previous year, the firm posted $0.63 EPS. On average, sell-side analysts predict that Range Resources will post 2.02 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Brooklyn Investment Group acquired a new stake in shares of Range Resources in the 3rd quarter valued at about $25,000. Smartleaf Asset Management LLC raised its stake in Range Resources by 87.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company's stock valued at $37,000 after buying an additional 471 shares in the last quarter. UMB Bank n.a. lifted its holdings in Range Resources by 59.0% during the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company's stock worth $41,000 after buying an additional 426 shares during the last quarter. Headlands Technologies LLC bought a new position in Range Resources during the 4th quarter worth approximately $42,000. Finally, Geneos Wealth Management Inc. bought a new stake in shares of Range Resources in the 4th quarter valued at approximately $46,000. 98.93% of the stock is owned by institutional investors and hedge funds.

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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