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Range Resources (NYSE:RRC) Shares Gap Up After Analyst Upgrade

Tuesday, June 30, 2020 | MarketBeat

Range Resources Corp. (NYSE:RRC)'s stock price gapped up prior to trading on Tuesday after UBS Group raised their price target on the stock from $2.30 to $6.00. The stock had previously closed at $5.76, but opened at $5.53. UBS Group currently has a neutral rating on the stock. Range Resources shares last traded at $5.41, with a volume of 146,441 shares trading hands.

Other analysts also recently issued reports about the company. MKM Partners downgraded Range Resources from a "buy" rating to a "neutral" rating and lifted their price target for the company from $5.00 to $6.00 in a research note on Monday, May 4th. SunTrust Banks lifted their price target on Range Resources from $3.00 to $5.00 and gave the company a "hold" rating in a research note on Friday, April 24th. Credit Suisse Group lifted their price target on Range Resources from $1.00 to $2.00 and gave the company an "underperform" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. downgraded Range Resources from a "neutral" rating to an "underweight" rating in a research note on Wednesday, March 25th. Finally, Morgan Stanley decreased their price target on Range Resources from $3.00 to $2.00 and set an "underweight" rating on the stock in a research note on Thursday, April 30th. Seven research analysts have rated the stock with a sell rating and thirteen have given a hold rating to the company. The company has an average rating of "Hold" and a consensus target price of $4.54.

Several large investors have recently modified their holdings of RRC. Wealth Alliance Advisory Group LLC purchased a new stake in shares of Range Resources in the first quarter valued at $25,000. Pictet Asset Management Ltd. purchased a new stake in shares of Range Resources in the first quarter valued at $25,000. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Range Resources in the first quarter valued at $25,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Range Resources in the fourth quarter valued at $26,000. Finally, Cetera Advisor Networks LLC increased its stake in Range Resources by 27.7% in the first quarter. Cetera Advisor Networks LLC now owns 14,521 shares of the oil and gas exploration company's stock valued at $33,000 after purchasing an additional 3,150 shares during the last quarter.

The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -0.84 and a beta of 2.68. The company has a 50 day moving average of $6.07 and a 200 day moving average of $4.36. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.29.

Range Resources (NYSE:RRC) last released its earnings results on Thursday, April 30th. The oil and gas exploration company reported $0.04 EPS for the quarter, beating the Thomson Reuters' consensus estimate of ($0.02) by $0.06. The firm had revenue of $693.90 million during the quarter, compared to analyst estimates of $608.45 million. Range Resources had a positive return on equity of 0.50% and a negative net margin of 56.71%. The business's quarterly revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 earnings per share. On average, research analysts forecast that Range Resources Corp. will post -0.42 earnings per share for the current fiscal year.

About Range Resources (NYSE:RRC)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.

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