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

Key Points

• Truist Financial raised Range Resources’ price target from $43 to $51 but maintained a “Hold” rating, implying 6.91% downside from the stock’s $54.79 trading price.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating and an average price target of $46.22, despite one Strong Buy and three Buy ratings.
• Range Resources exceeded quarterly expectations, reporting $0.81 in EPS versus $0.75 expected and $842.83 million in revenue, up 12.6% year over year.

Range Resources (NYSE:RRC - Get Free Report) had its target price hoisted by research analysts at Truist Financial from $43.00 to $51.00 in a research 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 target price suggests a potential downside of 6.91% from the company's current price.

Several other research firms have also weighed in on RRC. Stephens upped their target price on Range Resources from $52.00 to $53.00 and gave the company an "overweight" rating in a report on Wednesday, July 22nd. Wells Fargo & Company cut 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. UBS Group decreased their price objective on shares of Range Resources from $49.00 to $44.00 and set a "neutral" rating on the stock in a research report on Friday, October 2nd. Zacks Research raised shares of Range Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 19th. Finally, Stifel Nicolaus started coverage on shares of Range Resources in a report on Thursday, September 10th. They issued a "hold" rating and a $46.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eighteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $46.22.

Range Resources Price Performance

Shares of RRC stock traded up $0.16 during midday trading on Monday, reaching $54.79. 746,130 shares of the company traded hands, compared to its average volume of 3,352,839. The firm's 50 day simple moving average is $42.18 and its two-hundred day simple moving average is $40.32. Range Resources has a 1-year low of $32.68 and a 1-year high of $56.90. 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 $12.80 billion, a PE ratio of 14.52 and a beta of 0.71.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.75 by $0.06. Range Resources had a return on equity of 19.15% and a net margin of 25.25%. The business had revenue of $842.83 million for the quarter, compared to analyst estimates of $795.19 million. During the same quarter in the previous year, the company earned $0.57 EPS. The company's quarterly revenue was up 12.6% on a year-over-year basis. On average, equities research analysts expect that Range Resources will post 3.82 EPS for the current fiscal year.

Insider Buying and Selling at Range Resources

In other news, Director Reginal Spiller sold 3,500 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were 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 of the company's stock, valued at $536,840. The trade was a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Range Resources

Several hedge funds and other institutional investors have recently bought and sold shares of RRC. Bank of Nova Scotia purchased a new stake in Range Resources during the second quarter worth approximately $2,220,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Range Resources by 23.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 549,315 shares of the oil and gas exploration company's stock valued at $20,429,000 after acquiring an additional 104,096 shares during the period. Entropy Technologies LP raised its stake in shares of Range Resources by 321.3% in the 1st quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company's stock valued at $2,355,000 after acquiring an additional 39,745 shares during the period. MAC Alpha Capital Management LP lifted its holdings in shares of Range Resources by 41.6% during the 2nd quarter. MAC Alpha Capital Management LP now owns 250,456 shares of the oil and gas exploration company's stock valued at $9,315,000 after acquiring an additional 73,600 shares in the last quarter. Finally, CX Institutional acquired a new position in shares of Range Resources during the 3rd quarter valued at $6,360,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Company Profile

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company's activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.

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