Piper Sandler Increases Range Resources (NYSE:RRC) Price Target to $43.00

Range Resources (NYSE:RRC) had its target price hoisted by stock analysts at Piper Sandler from $41.00 to $43.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the oil and gas exploration company’s stock. Piper Sandler’s target price would suggest a potential upside of 15.10% from the stock’s current price.

Other analysts have also issued reports about the company. Scotiabank lowered Range Resources from a “sector outperform” rating to a “sector perform” rating and raised their price target for the stock from $40.00 to $45.00 in a research note on Thursday, April 11th. Mizuho reaffirmed a “buy” rating and issued a $41.00 price objective (up from $39.00) on shares of Range Resources in a research note on Friday. Royal Bank of Canada cut Range Resources from an “outperform” rating to a “sector perform” rating and boosted their price objective for the stock from $36.00 to $39.00 in a research note on Friday. Susquehanna increased their target price on Range Resources from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. Finally, Barclays began coverage on Range Resources in a research report on Wednesday, April 10th. They set an “underweight” rating and a $35.00 price target on the stock. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $36.75.

Range Resources Stock Performance

NYSE RRC opened at $37.36 on Tuesday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.46. Range Resources has a fifty-two week low of $23.92 and a fifty-two week high of $38.25. The business has a fifty day moving average of $33.94 and a 200-day moving average of $32.42. The stock has a market cap of $9.06 billion, a price-to-earnings ratio of 18.96 and a beta of 1.83.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The firm’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same period last year, the company earned $0.96 EPS. As a group, analysts predict that Range Resources will post 2 earnings per share for the current fiscal year.

Insider Activity at Range Resources

In other Range Resources news, VP Ashley Kavanaugh sold 15,978 shares of Range Resources stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total value of $603,169.50. Following the completion of the transaction, the vice president now owns 22,370 shares of the company’s stock, valued at $844,467.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RRC. SG Americas Securities LLC lifted its holdings in Range Resources by 90.2% in the third quarter. SG Americas Securities LLC now owns 7,940 shares of the oil and gas exploration company’s stock worth $257,000 after acquiring an additional 3,766 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Range Resources by 46.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 23,440 shares of the oil and gas exploration company’s stock worth $760,000 after purchasing an additional 7,405 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Range Resources by 78.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 28,608 shares of the oil and gas exploration company’s stock valued at $927,000 after purchasing an additional 12,617 shares during the period. Ceredex Value Advisors LLC boosted its position in Range Resources by 8.7% during the 3rd quarter. Ceredex Value Advisors LLC now owns 465,850 shares of the oil and gas exploration company’s stock valued at $15,098,000 after purchasing an additional 37,100 shares during the period. Finally, Foster & Motley Inc. grew its stake in Range Resources by 7.5% during the 3rd quarter. Foster & Motley Inc. now owns 12,965 shares of the oil and gas exploration company’s stock worth $420,000 after buying an additional 900 shares during the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

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.