Susquehanna Forecasts Strong Price Appreciation for Range Resources (NYSE:RRC) Stock

Key Points

• Susquehanna raised Range Resources’ price target from $41 to $44 while maintaining a “neutral” rating, implying approximately 1.75% upside. Analysts overall assign the stock a consensus “Hold” rating with an average target of $44.17.
• Range Resources exceeded quarterly expectations, reporting $0.79 in EPS versus the $0.66 consensus and revenue of $759.58 million against estimates of $744.78 million, although revenue declined 2.7% year over year.
• The stock opened at $43.24, with institutional investors owning 98.93% of shares. An insider recently sold 3,500 shares for $140,000, reducing their position by 20.68%.

Range Resources (NYSE:RRC - Get Free Report) had its target price lifted by Susquehanna from $41.00 to $44.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a "neutral" rating on the oil and gas exploration company's stock. Susquehanna's target price would suggest a potential upside of 1.75% from the stock's current price.

A number of other brokerages have also commented on RRC. Stephens lifted their price target on shares of Range Resources from $52.00 to $53.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 22nd. Raymond James Financial set a $45.00 price objective on shares of Range Resources in a report on Monday, July 27th. Citigroup restated a "neutral" rating on shares of Range Resources in a research report on Thursday, July 23rd. Zacks Research upgraded shares of Range Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 19th. Finally, Truist Financial cut their target price on shares of Range Resources from $45.00 to $43.00 and set a "hold" rating for the company in a research report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $44.17.

Range Resources Trading Up 0.1%

Shares of NYSE:RRC opened at $43.24 on Tuesday. The company has a market cap of $10.11 billion, a P/E ratio of 11.95 and a beta of 0.71. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. Range Resources has a 1 year low of $32.68 and a 1 year high of $48.31. The stock's fifty day moving average price is $40.45 and its 200-day moving average price is $39.98.

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 EPS for the quarter, topping the consensus estimate of $0.66 by $0.13. The company had revenue of $759.58 million during 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%. Range Resources's revenue for the quarter was down 2.7% on a year-over-year basis. During the same period last year, the company earned $0.66 EPS. Sell-side analysts expect that Range Resources will post 3.78 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Reginal Spiller sold 3,500 shares of Range Resources stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the transaction, the director owned 13,421 shares in the company, valued at $536,840. This trade represents a 20.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On Range Resources

A number of hedge funds have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Range Resources in the 2nd quarter worth $26,000. Northwestern Mutual Wealth Management Co. bought a new stake in Range Resources during the second quarter valued at about $31,000. Root Financial Partners LLC grew its holdings in Range Resources by 37.8% during the first quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company's stock valued at $45,000 after purchasing an additional 276 shares during the period. Ameritas Advisory Services LLC purchased a new stake in Range Resources in the second quarter worth about $44,000. Finally, Trust Co. of Vermont purchased a new stake in Range Resources in the second quarter worth about $45,000. Institutional investors own 98.93% of the company's stock.

About Range Resources

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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