Barclays Raises Range Resources (NYSE:RRC) Price Target to $42.00

Key Points

• Barclays raised its Range Resources price target from $40 to $42 while maintaining an “equal weight” rating, implying virtually no upside from the stock’s $41.98 opening price.
• Analyst sentiment remains cautious: Range Resources has a consensus “Hold” rating and an average price target of $43.75, with 14 analysts rating it a Hold.
• The company beat quarterly expectations with adjusted earnings of $0.79 per share versus the $0.66 consensus and revenue of $759.6 million, though revenue declined 2.7% year over year. Institutional investors own 98.93% of its shares.

Range Resources (NYSE:RRC - Get Free Report) had its price target lifted by equities research analysts at Barclays from $40.00 to $42.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the oil and gas exploration company's stock. Barclays's target price suggests a potential upside of 0.06% from the stock's current price.

Several other equities research analysts have also recently weighed in on the company. UBS Group set a $42.00 price objective on Range Resources in a report on Tuesday. Raymond James Financial set a $45.00 target price on Range Resources in a research note on Monday, July 27th. Morgan Stanley decreased their target price on Range Resources from $44.00 to $43.00 and set an "equal weight" rating for the company in a report on Wednesday, August 19th. Wells Fargo & Company dropped their price target on Range Resources from $46.00 to $45.00 and set an "equal weight" rating for the company in a research note on Thursday, July 23rd. Finally, The Goldman Sachs Group cut their price target on shares of Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $43.75.

Range Resources Trading Down 0.1%

NYSE:RRC opened at $41.98 on Tuesday. The firm has a market capitalization of $9.81 billion, a P/E ratio of 11.59 and a beta of 0.43. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. The company has a fifty day moving average of $39.21 and a 200 day moving average of $40.51. Range Resources has a 52 week low of $32.68 and a 52 week high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.13. The firm had revenue of $759.58 million for the quarter, compared to analysts' expectations of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The company's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.66 earnings per share. On average, research analysts predict that Range Resources will post 3.62 earnings per share for the current year.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the transaction, the director owned 13,421 shares in the company, valued at approximately $536,840. This represents a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Range Resources

Several hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its stake in shares of Range Resources by 1.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company's stock worth $975,311,000 after buying an additional 326,748 shares during the last quarter. BlackRock Inc. bought a new position in Range Resources in the 2nd quarter worth about $868,085,000. Boston Partners grew its position in Range Resources by 14.0% during the 4th quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company's stock valued at $474,585,000 after purchasing an additional 1,650,258 shares during the last quarter. California State Teachers Retirement System increased its stake in Range Resources by 3,604.0% during the 2nd quarter. California State Teachers Retirement System now owns 10,200,324 shares of the oil and gas exploration company's stock valued at $379,350,000 after purchasing an additional 9,924,937 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Range Resources by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company's stock worth $415,354,000 after buying an additional 227,711 shares during the last quarter. Institutional investors own 98.93% of the company's stock.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania's Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company's technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.

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