Range Resources (NYSE:RRC) Downgraded by Scotiabank to Sector Perform

Range Resources (NYSE:RRC) was downgraded by investment analysts at Scotiabank from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Friday, The Fly reports.

Other equities research analysts also recently issued reports about the company. Bank of America cut their price target on Range Resources from $8.00 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday, October 24th. LADENBURG THALM/SH SH cut Range Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $11.00 to $5.00 in a report on Monday, August 26th. ValuEngine upgraded Range Resources from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Credit Suisse Group downgraded Range Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, October 4th. Finally, TD Securities dropped their target price on Range Resources from $4.00 to $3.75 and set a “hold” rating on the stock in a report on Friday, October 25th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the stock. Range Resources currently has a consensus rating of “Hold” and a consensus price target of $10.61.

RRC stock opened at $3.61 on Friday. The company has a market capitalization of $902.63 million, a P/E ratio of 3.19, a price-to-earnings-growth ratio of 3.52 and a beta of 0.99. Range Resources has a 12 month low of $3.26 and a 12 month high of $14.31. The firm’s fifty day simple moving average is $3.97 and its 200-day simple moving average is $5.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.74 and a quick ratio of 0.69.

Range Resources (NYSE:RRC) last issued its earnings results on Wednesday, October 23rd. The oil and gas exploration company reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. The firm had revenue of $622.45 million during the quarter, compared to analysts’ expectations of $594.94 million. Range Resources had a negative net margin of 50.85% and a positive return on equity of 3.14%. The firm’s revenue was down 23.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.26 earnings per share. As a group, sell-side analysts forecast that Range Resources will post 0.24 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of RRC. Vanguard Group Inc. lifted its position in shares of Range Resources by 11.5% during the 2nd quarter. Vanguard Group Inc. now owns 24,971,010 shares of the oil and gas exploration company’s stock valued at $174,297,000 after buying an additional 2,574,615 shares in the last quarter. BlackRock Inc. increased its holdings in Range Resources by 1.7% in the 2nd quarter. BlackRock Inc. now owns 19,504,968 shares of the oil and gas exploration company’s stock worth $136,144,000 after acquiring an additional 324,328 shares in the last quarter. State Street Corp increased its holdings in Range Resources by 36.8% in the 3rd quarter. State Street Corp now owns 17,398,629 shares of the oil and gas exploration company’s stock worth $66,463,000 after acquiring an additional 4,680,815 shares in the last quarter. Russell Investments Group Ltd. raised its position in Range Resources by 10.3% during the third quarter. Russell Investments Group Ltd. now owns 6,529,672 shares of the oil and gas exploration company’s stock worth $24,987,000 after acquiring an additional 607,521 shares during the period. Finally, Nuveen Asset Management LLC raised its position in Range Resources by 95.5% during the second quarter. Nuveen Asset Management LLC now owns 4,636,249 shares of the oil and gas exploration company’s stock worth $32,361,000 after acquiring an additional 2,264,638 shares during the period.

About Range Resources

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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