Range Resources (NYSE:RRC – Get Free Report) was upgraded by research analysts at Barclays from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm presently has a $34.00 price target on the oil and gas exploration company’s stock, down from their previous price target of $35.00. Barclays‘s target price indicates a potential upside of 3.91% from the stock’s previous close.
Other analysts have also recently issued reports about the company. Wells Fargo & Company upgraded Range Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $35.00 to $39.00 in a research note on Tuesday. UBS Group reduced their target price on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research report on Wednesday, September 18th. Wolfe Research assumed coverage on shares of Range Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. The Goldman Sachs Group cut their price objective on shares of Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Finally, Piper Sandler cut shares of Range Resources from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $43.00 to $31.00 in a report on Thursday, August 15th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.50.
Read Our Latest Analysis on Range Resources
Range Resources Trading Up 4.3 %
Range Resources (NYSE:RRC – Get Free Report) last announced its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $641.30 million for the quarter, compared to analyst estimates of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. Range Resources’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 EPS. Equities analysts anticipate that Range Resources will post 1.87 EPS for the current year.
Insider Transactions at Range Resources
In related news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.57% of the company’s stock.
Institutional Investors Weigh In On Range Resources
A number of hedge funds and other institutional investors have recently bought and sold shares of RRC. Price T Rowe Associates Inc. MD boosted its stake in shares of Range Resources by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after purchasing an additional 5,759,883 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in Range Resources during the 2nd quarter worth approximately $78,223,000. Vanguard Group Inc. grew its holdings in Range Resources by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock worth $843,213,000 after acquiring an additional 959,011 shares during the last quarter. Herr Investment Group LLC increased its position in Range Resources by 4,594.4% in the 1st quarter. Herr Investment Group LLC now owns 497,611 shares of the oil and gas exploration company’s stock valued at $17,133,000 after acquiring an additional 487,011 shares during the period. Finally, Sagefield Capital LP raised its stake in shares of Range Resources by 44.8% during the second quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock valued at $30,408,000 after acquiring an additional 280,452 shares during the last quarter. 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.
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