Wells Fargo & Company Boosts Range Resources (NYSE:RRC) Price Target to $40.00

Range Resources (NYSE:RRC) had its price target raised by investment analysts at Wells Fargo & Company from $38.00 to $40.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 18.87% from the stock’s previous close.

RRC has been the topic of several other reports. Piper Sandler decreased their price target 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. StockNews.com upgraded Range Resources to a “sell” rating in a research report on Wednesday, November 27th. Bank of America began coverage on Range Resources in a research note on Monday, October 28th. They set a “neutral” rating and a $34.00 target price for the company. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a research note on Wednesday, October 23rd. Finally, Morgan Stanley cut their target price on Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research report on Monday, September 16th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and a consensus price target of $36.00.

Range Resources Price Performance

NYSE:RRC traded down $0.90 on Tuesday, reaching $33.65. The stock had a trading volume of 192,198 shares, compared to its average volume of 2,317,177. The stock has a fifty day moving average price of $32.97 and a 200-day moving average price of $32.36. The company has a market capitalization of $8.12 billion, a P/E ratio of 17.02 and a beta of 1.85. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33.

Range Resources (NYSE:RRC) 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 return on equity of 13.69% and a net margin of 17.63%. The business had revenue of $615.03 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter last year, the firm earned $0.43 EPS. Range Resources’s revenue for the quarter was up .9% compared to the same quarter last year. Research analysts forecast that Range Resources will post 1.91 EPS for the current year.

Insider Buying and Selling

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the transaction, the vice president now directly owns 9,670 shares of the company’s stock, valued at $304,121.50. The trade was a 56.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles G. Griffie acquired 1,275 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now directly owns 5,921 shares in the company, valued at approximately $186,274.66. This trade represents 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.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Lingotto Investment Management LLP boosted its stake in Range Resources by 1.5% in the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock worth $216,326,000 after buying an additional 93,782 shares during the last quarter. KGH Ltd increased its stake in Range Resources by 3.2% during the 2nd quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company’s stock worth $203,862,000 after buying an additional 190,000 shares during the period. Geode Capital Management LLC boosted 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 valued at $123,174,000 after buying an additional 35,344 shares during the last quarter. Canoe Financial LP grew its stake in Range Resources by 114.9% in the third quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock worth $81,299,000 after purchasing an additional 1,422,200 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in shares of Range Resources during the second quarter worth $78,223,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.