Range Resources (NYSE:RRC) Shares Gap Up to $4.42

Range Resources Corp. (NYSE:RRC) shares gapped up before the market opened on Thursday . The stock had previously closed at $4.33, but opened at $4.42. Range Resources shares last traded at $4.45, with a volume of 10,652,939 shares.

Several research firms have weighed in on RRC. Citigroup lowered their price objective on shares of Range Resources from $7.50 to $6.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Guggenheim downgraded shares of Range Resources from a “buy” rating to a “neutral” rating in a report on Thursday, April 25th. TD Securities reduced their target price on shares of Range Resources from $7.50 to $5.50 and set a “hold” rating for the company in a research note on Friday, July 26th. Morgan Stanley set a $4.00 target price on shares of Range Resources and gave the stock a “sell” rating in a research note on Monday, June 24th. Finally, Susquehanna Bancshares reduced their target price on shares of Range Resources from $11.00 to $8.50 and set a “positive” rating for the company in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $14.53.

The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 0.91. The stock has a market cap of $1.11 billion, a PE ratio of 3.84, a P/E/G ratio of 2.98 and a beta of 0.94. The company has a 50 day simple moving average of $5.81.

Range Resources (NYSE:RRC) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.01. The firm had revenue of $851.43 million during the quarter, compared to analyst estimates of $672.93 million. Range Resources had a negative net margin of 45.91% and a positive return on equity of 4.66%. The business’s revenue was up 29.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.20 EPS. As a group, sell-side analysts anticipate that Range Resources Corp. will post 0.44 earnings per share for the current year.

In related news, VP David P. Poole sold 5,843 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $5.69, for a total transaction of $33,246.67. Following the completion of the transaction, the vice president now owns 58,196 shares in the company, valued at $331,135.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mark Scucchi purchased 9,483 shares of Range Resources stock in a transaction that occurred on Thursday, August 1st. The shares were bought at an average price of $5.27 per share, with a total value of $49,975.41. Following the transaction, the chief financial officer now owns 14,149 shares of the company’s stock, valued at approximately $74,565.23. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of RRC. FMR LLC grew its position in Range Resources by 9,258.5% during the fourth quarter. FMR LLC now owns 7,341,074 shares of the oil and gas exploration company’s stock valued at $70,254,000 after buying an additional 7,262,631 shares during the period. Caymus Capital Partners L.P. lifted its holdings in Range Resources by 240.5% during the second quarter. Caymus Capital Partners L.P. now owns 4,631,218 shares of the oil and gas exploration company’s stock valued at $32,326,000 after purchasing an additional 3,271,218 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in Range Resources by 1,200.8% during the second quarter. Allianz Asset Management GmbH now owns 3,009,562 shares of the oil and gas exploration company’s stock valued at $21,007,000 after purchasing an additional 2,778,208 shares during the last quarter. Norges Bank purchased a new stake in Range Resources during the fourth quarter valued at about $19,595,000. Finally, Russell Investments Group Ltd. lifted its holdings in Range Resources by 21.5% during the second quarter. Russell Investments Group Ltd. now owns 5,922,151 shares of the oil and gas exploration company’s stock valued at $41,317,000 after purchasing an additional 1,047,461 shares during the last quarter.

Range Resources Company Profile (NYSE:RRC)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.

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