Range Resources (NYSE:RRC) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays raised its Range Resources price target from $42 to $67, implying 29.14% upside from the prior close, while maintaining an “equal weight” rating.
• Analyst sentiment is mostly cautious: Range Resources has an average “Hold” rating and a consensus price target of $47.61, with 19 of 24 analysts rating it Hold.
• The company beat quarterly expectations, reporting EPS of $0.81 versus $0.75 forecast and revenue of $842.83 million versus $795.19 million; revenue rose 12.6% year over year.

Range Resources (NYSE:RRC - Get Free Report) had its price objective boosted by analysts at Barclays from $42.00 to $67.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an "equal weight" rating on the oil and gas exploration company's stock. Barclays's price target points to a potential upside of 29.14% from the stock's previous close.

Other equities research analysts have also recently issued reports about the company. Raymond James Financial restated an "outperform" rating and set a $48.00 price objective on shares of Range Resources in a research note on Friday, October 23rd. Weiss Ratings lowered Range Resources from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, October 30th. Zacks Research upgraded Range Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 19th. Wells Fargo & Company reduced their target price on shares of Range Resources from $46.00 to $45.00 and set an "equal weight" rating for the company in a report on Thursday, July 23rd. Finally, Morgan Stanley set a $54.00 price target on shares of Range Resources in a research report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nineteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Range Resources presently has an average rating of "Hold" and an average price target of $47.61.

Range Resources Stock Up 0.8%

NYSE RRC traded up $0.42 during trading on Friday, reaching $51.88. 247,585 shares of the company's stock traded hands, compared to its average volume of 3,391,548. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market cap of $12.12 billion, a price-to-earnings ratio of 13.75 and a beta of 0.64. The company's 50 day simple moving average is $43.95 and its two-hundred day simple moving average is $41.06. Range Resources has a 12-month low of $32.68 and a 12-month high of $56.90.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The oil and gas exploration company reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.06. The firm had revenue of $842.83 million for the quarter, compared to the consensus estimate of $795.19 million. Range Resources had a net margin of 25.25% and a return on equity of 19.15%. The company's quarterly revenue was up 12.6% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. As a group, sell-side analysts forecast that Range Resources will post 3.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Range Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bleakley Financial Group LLC boosted its holdings in Range Resources by 19.3% in the 3rd quarter. Bleakley Financial Group LLC now owns 124,556 shares of the oil and gas exploration company's stock worth $4,614,000 after buying an additional 20,161 shares during the last quarter. AlphaGrep UK Ltd purchased a new stake in Range Resources during the 3rd quarter worth approximately $340,000. First Trust Advisors LP raised its holdings in shares of Range Resources by 25.0% during the third quarter. First Trust Advisors LP now owns 1,432,100 shares of the oil and gas exploration company's stock valued at $53,045,000 after acquiring an additional 286,578 shares during the last quarter. Ieq Capital LLC raised its holdings in shares of Range Resources by 8.5% during the third quarter. Ieq Capital LLC now owns 7,909 shares of the oil and gas exploration company's stock valued at $293,000 after acquiring an additional 622 shares during the last quarter. Finally, Boston Partners raised its holdings in shares of Range Resources by 4.5% during the third quarter. Boston Partners now owns 12,779,480 shares of the oil and gas exploration company's stock valued at $473,728,000 after acquiring an additional 552,648 shares during the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

About Range Resources

Range Resources Corporation is an independent energy company focused on exploring for, developing and producing natural gas, natural gas liquids and crude oil. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania. The company also markets and sells its production to customers in the energy and industrial sectors. Range Resources has played a significant role in developing the Marcellus Shale, a major natural gas-producing formation in the United States.

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