Range Resources (NYSE:RRC) Stock Price Target Lowered at UBS Group

Key Points

• UBS Group lowered Range Resources’ price target from $49 to $44 while maintaining a “neutral” rating, implying approximately 15% upside from the reported $38.22 share price.
• Analyst sentiment remains cautious: Range Resources has a consensus “Hold” rating and an average price target of $44, with 15 analysts rating the stock a hold.
• The company exceeded quarterly expectations, reporting $0.79 in earnings per share versus a $0.66 consensus estimate and $759.6 million in revenue, although revenue declined 2.7% year over year.

Range Resources (NYSE:RRC - Get Free Report) had its price objective cut by research analysts at UBS Group from $49.00 to $44.00 in a research report issued on Friday, Benzinga reports. The firm currently has a "neutral" rating on the oil and gas exploration company's stock. UBS Group's price objective would suggest a potential upside of 15.13% from the company's current price.

Several other research analysts also recently issued reports on the stock. Stephens boosted their price objective on shares of Range Resources from $52.00 to $53.00 and gave the stock an "overweight" rating in a report on Wednesday, July 22nd. Barclays increased their target price on shares of Range Resources from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 8th. The Goldman Sachs Group decreased their target price on Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Weiss Ratings lowered Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Finally, Morgan Stanley cut 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. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $44.00.

Range Resources Stock Performance

RRC traded up $0.62 during midday trading on Friday, reaching $38.22. The company's stock had a trading volume of 1,289,337 shares, compared to its average volume of 3,131,791. 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 company has a fifty day simple moving average of $40.02 and a 200 day simple moving average of $40.34. The stock has a market cap of $8.93 billion, a P/E ratio of 10.56 and a beta of 0.71. Range Resources has a twelve month low of $32.68 and a twelve month high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.13. The company had revenue of $759.58 million during the quarter, compared to analyst estimates 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 period in the previous year, the company earned $0.66 earnings per share. Research analysts expect that Range Resources will post 3.73 earnings per share for the current year.

Insider Transactions at Range Resources

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

Hedge Funds Weigh In On Range Resources

Hedge funds have recently modified their holdings of the stock. Bank of Nova Scotia acquired a new stake in shares of Range Resources in the 2nd quarter valued at approximately $2,220,000. Entropy Technologies LP increased its stake in Range Resources by 321.3% in the first quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company's stock valued at $2,355,000 after purchasing an additional 39,745 shares in the last quarter. Bornite Capital Management LP bought a new stake in Range Resources in the fourth quarter valued at approximately $28,208,000. Delta Global Management LP acquired a new stake in Range Resources in the first quarter worth $2,459,000. Finally, First Trust Advisors LP raised its holdings in Range Resources by 126.2% in the first quarter. First Trust Advisors LP now owns 1,614,502 shares of the oil and gas exploration company's stock worth $72,943,000 after purchasing an additional 900,869 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

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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