Mizuho Has Lowered Expectations for Range Resources (NYSE:RRC) Stock Price

Key Points

• Mizuho has lowered its price target for Range Resources from $48.00 to $42.00, while maintaining an "outperform" rating, indicating a potential upside of 19.95% from the stock's previous close.
• Other analysts have mixed views: while Piper Sandler and Roth Capital lowered their price objectives, Bank of America raised theirs, reflecting differing expectations on the company's performance.
• Range Resources reported $0.66 earnings per share for the last quarter, surpassing analyst expectations, with revenues of $856.28 million compared to estimates of $708.38 million.

Range Resources (NYSE:RRC - Get Free Report) had its price target dropped by research analysts at Mizuho from $48.00 to $42.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the oil and gas exploration company's stock. Mizuho's price objective points to a potential upside of 19.95% from the stock's previous close.

A number of other research analysts have also weighed in on RRC. Piper Sandler reduced their price objective on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Bank of America lifted their price objective on shares of Range Resources from $45.00 to $47.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Roth Capital lowered shares of Range Resources from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $44.00 to $35.00 in a research note on Monday, August 18th. Wall Street Zen lowered shares of Range Resources from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Scotiabank set a $46.00 price objective on shares of Range Resources and gave the company a "sector perform" rating in a research note on Friday, July 11th. Seven research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Range Resources has an average rating of "Hold" and a consensus target price of $42.45.

Range Resources Stock Performance

Shares of RRC stock traded down $0.29 during trading hours on Monday, hitting $35.02. 1,174,597 shares of the company were exchanged, compared to its average volume of 2,855,728. The firm has a fifty day simple moving average of $35.39 and a 200 day simple moving average of $36.98. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources has a 52-week low of $28.99 and a 52-week high of $43.50. The stock has a market capitalization of $8.34 billion, a price-to-earnings ratio of 17.60, a P/E/G ratio of 0.30 and a beta of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. The company had revenue of $856.28 million during the quarter, compared to analyst estimates of $708.38 million. During the same quarter last year, the business posted $0.46 EPS. Research analysts predict that Range Resources will post 2.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. lifted its position in Range Resources by 15.9% during the second quarter. Osaic Holdings Inc. now owns 13,324 shares of the oil and gas exploration company's stock valued at $542,000 after purchasing an additional 1,828 shares during the period. Thrivent Financial for Lutherans lifted its position in Range Resources by 70.8% during the second quarter. Thrivent Financial for Lutherans now owns 96,616 shares of the oil and gas exploration company's stock valued at $3,929,000 after purchasing an additional 40,038 shares during the period. Castleark Management LLC lifted its position in Range Resources by 44.1% during the second quarter. Castleark Management LLC now owns 201,730 shares of the oil and gas exploration company's stock valued at $8,204,000 after purchasing an additional 61,710 shares during the period. Captrust Financial Advisors lifted its position in Range Resources by 17.8% during the second quarter. Captrust Financial Advisors now owns 25,538 shares of the oil and gas exploration company's stock valued at $1,039,000 after purchasing an additional 3,861 shares during the period. Finally, Vident Advisory LLC lifted its position in Range Resources by 4.0% during the second quarter. Vident Advisory LLC now owns 24,345 shares of the oil and gas exploration company's stock valued at $990,000 after purchasing an additional 936 shares during the period. Institutional investors own 98.93% of the company's stock.

Range Resources Company Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.

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