Range Resources (NYSE:RRC) Price Target Cut to $43.00 by Analysts at Truist Financial

Key Points

• Truist Financial lowered Range Resources’ price target from $45 to $43 while maintaining a “hold” rating, implying approximately 10.55% upside from the stock’s reported $38.90 price.
• Analyst sentiment remains cautious: Range Resources has a consensus “Hold” rating and an average target price of $44, based on 16 hold ratings alongside three buys, one strong buy, and one sell.
• The company exceeded quarterly expectations, reporting $0.79 in earnings per share versus the $0.66 consensus and $759.58 million in revenue, though revenue declined 2.7% year over year. Institutional investors own nearly 99% of the stock, while a company director recently sold 3,500 shares.

Range Resources (NYSE:RRC - Get Free Report) had its price objective reduced by equities research analysts at Truist Financial from $45.00 to $43.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a "hold" rating on the oil and gas exploration company's stock. Truist Financial's price objective suggests a potential upside of 10.55% from the company's current price.

Several other equities analysts have also recently issued reports on the company. Citigroup reissued a "neutral" rating on shares of Range Resources in a report on Thursday, July 23rd. Zacks Research raised shares of Range Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 19th. The Goldman Sachs Group cut their price objective on shares of Range Resources from $44.00 to $39.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Morgan Stanley reduced their price target 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. Finally, UBS Group reduced their price objective on shares of Range Resources from $49.00 to $44.00 and set a "neutral" rating for the company in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, sixteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Range Resources presently has a consensus rating of "Hold" and a consensus target price of $44.00.

Range Resources Stock Performance

Shares of NYSE:RRC traded up $0.67 on Monday, hitting $38.90. 593,668 shares of the company were exchanged, compared to its average volume of 3,126,837. The firm has a market capitalization of $9.09 billion, a P/E ratio of 10.75 and a beta of 0.71. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18. The stock's 50 day moving average price is $40.01 and its 200 day moving average price is $40.30. Range Resources has a 1-year low of $32.68 and a 1-year high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.13. The business had revenue of $759.58 million for the quarter, compared to the consensus estimate of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The company's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 EPS. Sell-side analysts predict that Range Resources will post 3.73 EPS for the current year.

Insider Transactions at Range Resources

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of Range Resources stock in a transaction dated 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 directly owned 13,421 shares of the company's stock, valued at $536,840. The trade was a 20.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Range Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Range Resources in the second quarter valued at $868,085,000. Boston Partners grew its stake in shares of Range Resources by 14.0% during the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company's stock worth $474,585,000 after purchasing an additional 1,650,258 shares in the last quarter. Dimensional Fund Advisors LP raised its stake 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 valued at $415,354,000 after buying an additional 227,711 shares in the last quarter. Goehring & Rozencwajg Associates LLC lifted its holdings in Range Resources by 35.9% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,721,749 shares of the oil and gas exploration company's stock worth $122,969,000 after buying an additional 718,648 shares during the last quarter. Finally, Canoe Financial LP boosted its position in shares of Range Resources by 45.6% during the 1st quarter. Canoe Financial LP now owns 2,290,309 shares of the oil and gas exploration company's stock worth $103,476,000 after acquiring an additional 717,000 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil producer headquartered in Fort Worth, Texas. The company explores for, develops and produces hydrocarbons, with a primary focus on unconventional shale resources in the Appalachian Basin.

Range's principal operating area is the Marcellus Shale in southwestern Pennsylvania, where it produces natural gas, NGLs and condensate. Its products are sold to customers through regional and interstate pipeline systems and other market channels serving utilities, industrial users, power generators and other energy markets.

Founded in 1976, Range Resources has historically operated in several U.S.

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