Royal Bank of Canada Increases Range Resources (NYSE:RRC) Price Target to $40.00

Range Resources (NYSE:RRC) had its price objective hoisted by Royal Bank of Canada from $35.00 to $40.00 in a research report released on Monday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the oil and gas exploration company’s stock.

Several other equities research analysts also recently weighed in on RRC. Scotiabank raised shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price objective for the company in a report on Tuesday, August 20th. StockNews.com raised shares of Range Resources to a “sell” rating in a research note on Tuesday, November 12th. Wells Fargo & Company lowered their price objective on shares of Range Resources from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. JPMorgan Chase & Co. cut their target price on Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research report on Thursday, September 12th. Finally, Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $35.00.

Range Resources Trading Down 1.9 %

Range Resources stock opened at $35.59 on Monday. The firm has a 50-day moving average price of $31.98 and a two-hundred day moving average price of $32.55. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33. The firm has a market capitalization of $8.59 billion, a price-to-earnings ratio of 17.97 and a beta of 1.80. 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 (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.43 EPS. Sell-side analysts expect that Range Resources will post 1.88 earnings per share for the current year.

Insider Activity

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares in the company, valued at $304,121.50. This represents a 56.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles G. Griffie purchased 1,275 shares of the company’s stock in a transaction dated Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the purchase, the director now directly owns 5,921 shares of the company’s stock, valued at $186,274.66. The trade was a 27.44 % increase in their position. The disclosure for this purchase can be found here. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Range Resources

Several large investors have recently made changes to their positions in the company. O Shaughnessy Asset Management LLC acquired a new stake in shares of Range Resources in the 1st quarter valued at $220,000. Hancock Whitney Corp acquired a new stake in shares of Range Resources in the first quarter worth about $232,000. Cetera Investment Advisers boosted its stake in shares of Range Resources by 906.5% during the 1st quarter. Cetera Investment Advisers now owns 89,940 shares of the oil and gas exploration company’s stock worth $3,097,000 after acquiring an additional 81,004 shares in the last quarter. Cetera Advisors LLC increased its holdings in shares of Range Resources by 4.4% during the 1st quarter. Cetera Advisors LLC now owns 15,720 shares of the oil and gas exploration company’s stock valued at $541,000 after acquiring an additional 665 shares during the last quarter. Finally, Boston Partners lifted its holdings in Range Resources by 2.1% in the 1st quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock worth $224,912,000 after purchasing an additional 133,565 shares during the last quarter. Institutional investors 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.