Range Resources (NYSE:RRC) Earns Sector Perform Rating from Royal Bank of Canada

Range Resources (NYSE:RRC)‘s stock had its “sector perform” rating restated by analysts at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They presently have a $40.00 price target on the oil and gas exploration company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 2.22% from the company’s current price.

Several other research analysts also recently commented on the stock. Bank of America raised shares of Range Resources from a “neutral” rating to a “buy” rating and raised their price target for the company from $34.00 to $45.00 in a report on Monday. Piper Sandler dropped their price objective on Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a research note on Monday, November 18th. StockNews.com upgraded Range Resources to a “sell” rating in a research note on Wednesday, November 27th. Truist Financial lifted their price target on Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a research report on Monday. Finally, Morgan Stanley decreased their price objective on shares of 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 analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $37.16.

Range Resources Price Performance

NYSE RRC traded up $0.64 during trading hours on Tuesday, hitting $39.13. The company had a trading volume of 689,245 shares, compared to its average volume of 2,636,030. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of 19.76 and a beta of 1.81. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.54. The firm has a 50 day simple moving average of $34.96 and a 200 day simple moving average of $32.38.

Range Resources (NYSE:RRC) last announced its quarterly earnings results 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 firm had revenue of $615.03 million for the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share. Equities research analysts expect that Range Resources will post 1.91 earnings per share for the current year.

Insider Buying and Selling at Range Resources

In other Range Resources news, Director Charles G. Griffie bought 1,275 shares of Range Resources stock in a transaction dated Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the purchase, the director now owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new position in shares of Range Resources during the third quarter valued at about $25,000. Blue Trust Inc. boosted its position in Range Resources by 107.8% during the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after acquiring an additional 705 shares in the last quarter. Bogart Wealth LLC bought a new stake in Range Resources during the 3rd quarter valued at approximately $49,000. Versant Capital Management Inc grew its holdings in shares of Range Resources by 42.8% during the 4th quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock worth $56,000 after acquiring an additional 463 shares during the period. Finally, CWM LLC raised its position in shares of Range Resources by 276.8% in the 3rd quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock worth $71,000 after acquiring an additional 1,694 shares in the last quarter. 98.93% of the stock is currently owned by 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.