Morgan Stanley Increases Range Resources (NYSE:RRC) Price Target to $33.00

Range Resources (NYSE:RRC - Get Free Report) had its price target raised by Morgan Stanley from $23.00 to $33.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an "underweight" rating on the oil and gas exploration company's stock. Morgan Stanley's price objective points to a potential downside of 4.95% from the stock's current price.

RRC has been the topic of several other research reports. Raymond James lowered their price objective on shares of Range Resources from $37.00 to $36.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 24th. Mizuho reiterated a "buy" rating and set a $39.00 target price on shares of Range Resources in a research report on Thursday, April 11th. Barclays initiated coverage on shares of Range Resources in a report on Wednesday, April 10th. They issued an "underweight" rating and a $35.00 price objective for the company. Citigroup upped their price target on shares of Range Resources from $33.00 to $37.00 and gave the company a "neutral" rating in a report on Wednesday, April 3rd. Finally, Susquehanna reiterated a "neutral" rating and set a $34.00 price target (down from $43.00) on shares of Range Resources in a report on Friday, January 26th. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Range Resources has an average rating of "Hold" and a consensus price target of $35.75.

Range Resources Price Performance

NYSE:RRC traded down $0.23 on Wednesday, hitting $34.72. The company had a trading volume of 1,805,100 shares, compared to its average volume of 2,551,886. The stock has a market capitalization of $8.41 billion, a price-to-earnings ratio of 9.89 and a beta of 1.83. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47. The firm has a 50 day moving average of $32.63 and a two-hundred day moving average of $32.18. Range Resources has a 52 week low of $23.92 and a 52 week high of $37.88.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings data on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.21. The company had revenue of $941.40 million during the quarter, compared to analysts' expectations of $672.25 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. Range Resources's revenue for the quarter was down 42.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.26 earnings per share. On average, research analysts anticipate that Range Resources will post 1.92 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Raleigh Capital Management Inc. bought a new stake in shares of Range Resources during the third quarter worth $26,000. Cary Street Partners Investment Advisory LLC acquired a new stake in shares of Range Resources during the third quarter worth about $27,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Range Resources by 333.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company's stock worth $26,000 after purchasing an additional 666 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Range Resources during the second quarter worth about $28,000. Finally, Proffitt & Goodson Inc. acquired a new stake in shares of Range Resources during the third quarter worth about $32,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.