Piper Sandler Cuts Range Resources (NYSE:RRC) Price Target to $39.00

Key Points

• Piper Sandler has cut the price target for Range Resources from $41.00 to $39.00, maintaining a "neutral" rating, suggesting a potential upside of 13.71% from the current stock price.
• Several analysts have varying ratings on Range Resources, with a consensus rating of "Hold" and an average target price of $43.26, signaling mixed market sentiments.
• Range Resources reported a quarterly earnings per share of $0.66, exceeding estimates, alongside revenue of $856.28 million, reflecting strong operational performance.

Range Resources (NYSE:RRC - Get Free Report) had its target price reduced by investment analysts at Piper Sandler from $41.00 to $39.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas exploration company's stock. Piper Sandler's target price would suggest a potential upside of 13.71% from the stock's current price.

Several other research firms have also commented on RRC. Royal Bank Of Canada restated a "sector perform" rating and set a $45.00 price target on shares of Range Resources in a research report on Tuesday, July 15th. Wall Street Zen lowered shares of Range Resources from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Barclays raised their target price on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a report on Monday, July 7th. Mizuho increased their price target on shares of Range Resources from $46.00 to $48.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Finally, UBS Group increased their price target on shares of Range Resources from $40.00 to $42.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Range Resources has a consensus rating of "Hold" and an average target price of $43.26.

Range Resources Trading Down 0.2%

Range Resources stock traded down $0.08 during trading on Thursday, reaching $34.30. The company had a trading volume of 235,885 shares, compared to its average volume of 2,864,572. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. Range Resources has a 12-month low of $27.55 and a 12-month high of $43.50. The stock's 50 day moving average price is $38.15 and its two-hundred day moving average price is $37.62. The firm has a market capitalization of $8.17 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 0.27 and a beta of 0.60.

Range Resources (NYSE:RRC - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. The business had revenue of $856.28 million during the quarter, compared to the consensus estimate of $708.38 million. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. During the same period in the prior year, the firm earned $0.46 earnings per share. As a group, equities analysts expect that Range Resources will post 2.02 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Reginal Spiller sold 4,200 shares of Range Resources stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $40.16, for a total value of $168,672.00. Following the completion of the transaction, the director directly owned 13,663 shares of the company's stock, valued at $548,706.08. The trade was a 23.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Range Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. raised its holdings in Range Resources by 1,464.6% during the 2nd quarter. Hantz Financial Services Inc. now owns 751 shares of the oil and gas exploration company's stock worth $31,000 after purchasing an additional 703 shares during the last quarter. Hollencrest Capital Management acquired a new position in shares of Range Resources during the 1st quarter worth about $33,000. Bessemer Group Inc. grew its position in shares of Range Resources by 48.0% during the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after buying an additional 315 shares during the period. Cullen Frost Bankers Inc. bought a new stake in Range Resources during the 1st quarter worth approximately $39,000. Finally, Barrett & Company Inc. acquired a new position in Range Resources during the 2nd quarter worth approximately $41,000. 98.93% of the stock is owned by institutional investors.

About Range Resources

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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