Royal Bank of Canada Reaffirms "Sector Perform" Rating for Range Resources (NYSE:RRC)

Range Resources (NYSE:RRC - Get Free Report)'s stock had its "sector perform" rating reissued by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $40.00 price target on the oil and gas exploration company's stock. Royal Bank of Canada's target price would suggest a potential upside of 0.98% from the stock's previous close.

Other analysts have also issued research reports about the company. UBS Group raised Range Resources from a "sell" rating to a "neutral" rating and lifted their price objective for the stock from $28.00 to $35.00 in a report on Monday, December 9th. Wells Fargo & Company boosted their price target on shares of Range Resources from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Tuesday, December 17th. Benchmark reaffirmed a "hold" rating on shares of Range Resources in a report on Wednesday, October 23rd. Piper Sandler lowered their target price on shares of Range Resources from $31.00 to $30.00 and set a "neutral" rating on the stock in a research note on Monday, November 18th. Finally, Bank of America upgraded shares of Range Resources from a "neutral" rating to a "buy" rating and raised their price target for the stock from $34.00 to $45.00 in a research note on Monday. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $37.16.

Range Resources Stock Performance

Shares of Range Resources stock traded up $1.12 during midday trading on Tuesday, hitting $39.61. The company had a trading volume of 3,099,138 shares, compared to its average volume of 2,941,992. The stock has a market cap of $9.56 billion, a PE ratio of 20.01 and a beta of 1.81. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.76. The business's 50 day simple moving average is $34.96 and its two-hundred day simple moving average is $32.38. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 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 business 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 business earned $0.43 earnings per share. The firm's revenue for the quarter was up .9% on a year-over-year basis. As a group, equities analysts predict that Range Resources will post 1.91 EPS for the current fiscal year.

Insider Activity

In other news, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was purchased at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the transaction, the director now directly owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.57% of the stock is owned by insiders.

Institutional Investors Weigh In On Range Resources

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Range Resources by 61.9% in the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company's stock valued at $48,588,000 after acquiring an additional 604,199 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new stake in shares of Range Resources during the third quarter worth $11,508,000. Charles Schwab Investment Management Inc. increased its holdings in Range Resources by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company's stock valued at $62,065,000 after purchasing an additional 92,217 shares during the last quarter. Aptus Capital Advisors LLC lifted its stake in Range Resources by 135.5% in the third quarter. Aptus Capital Advisors LLC now owns 112,008 shares of the oil and gas exploration company's stock valued at $3,445,000 after buying an additional 64,443 shares during the period. Finally, HighTower Advisors LLC boosted its holdings in Range Resources by 59.9% during the third quarter. HighTower Advisors LLC now owns 131,571 shares of the oil and gas exploration company's stock worth $4,045,000 after buying an additional 49,276 shares during the last quarter. 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.