Range Resources (NYSE:RRC) Receives "Sector Perform" Rating from Royal Bank of Canada

Range Resources (NYSE:RRC - Get Free Report)'s stock had its "sector perform" rating reiterated by equities researchers at Royal Bank of Canada in a report released on Friday,Benzinga reports. They currently have a $42.00 price target on the oil and gas exploration company's stock. Royal Bank of Canada's target price points to a potential upside of 25.85% from the company's previous close.

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. raised Range Resources from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $43.00 to $45.00 in a report on Thursday, March 13th. Piper Sandler upped 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. Wolfe Research raised shares of Range Resources from a "peer perform" rating to an "outperform" rating and set a $42.00 price target for the company in a report on Friday, January 3rd. UBS Group reduced their price objective on Range Resources from $41.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Finally, Truist Financial boosted their target price on Range Resources from $35.00 to $37.00 and gave the stock a "hold" rating in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $41.43.

Remove Ads

Range Resources Price Performance

Shares of NYSE:RRC traded down $0.09 during midday trading on Friday, reaching $33.37. 2,274,207 shares of the company's stock were exchanged, compared to its average volume of 2,424,672. The firm has a market capitalization of $8.05 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 5.11 and a beta of 1.73. The company's 50 day simple moving average is $37.59 and its two-hundred day simple moving average is $35.64. Range Resources has a 12 month low of $27.29 and a 12 month high of $41.95. 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 released its quarterly earnings data on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $676.53 million. During the same period in the previous year, the business earned $0.63 earnings per share. Equities research analysts expect that Range Resources will post 2.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RRC. Quantinno Capital Management LP acquired a new position in shares of Range Resources during the 3rd quarter worth about $234,000. Barclays PLC boosted its position in Range Resources by 180.8% during the third quarter. Barclays PLC now owns 222,017 shares of the oil and gas exploration company's stock valued at $6,830,000 after purchasing an additional 142,938 shares during the last quarter. M&T Bank Corp increased its position in shares of Range Resources by 3.1% during the 3rd quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company's stock worth $332,000 after purchasing an additional 327 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Range Resources by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,003,299 shares of the oil and gas exploration company's stock worth $123,174,000 after purchasing an additional 35,344 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Range Resources in the 3rd quarter valued at approximately $205,000. Institutional investors and hedge funds own 98.93% of the company's stock.

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.