Piper Sandler Raises Range Resources (NYSE:RRC) Price Target to $41.00

Range Resources (NYSE:RRC - Get Free Report) had its target price raised by equities research analysts at Piper Sandler from $40.00 to $41.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas exploration company's stock. Piper Sandler's target price points to a potential upside of 13.77% from the company's current price.

A number of other research firms also recently weighed in on RRC. Barclays boosted their price target on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Mizuho boosted their price target on shares of Range Resources from $46.00 to $48.00 and gave the stock an "outperform" rating in a research note on Wednesday. Roth Capital raised shares of Range Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 8th. Stephens reaffirmed an "overweight" rating and issued a $49.00 target price on shares of Range Resources in a research note on Wednesday, April 23rd. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $45.00 target price on shares of Range Resources in a research note on Tuesday, July 15th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $43.11.

Range Resources Price Performance

NYSE RRC traded up $0.32 on Thursday, reaching $36.04. The company's stock had a trading volume of 1,572,630 shares, compared to its average volume of 2,942,647. The firm has a market cap of $8.61 billion, a PE ratio of 18.16, a price-to-earnings-growth ratio of 0.30 and a beta of 0.63. The business has a 50-day moving average price of $39.43 and a 200 day moving average price of $38.06. Range Resources has a 52 week low of $27.29 and a 52 week high of $43.50. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.01. The firm had revenue of $856.28 million for the quarter, compared to analyst estimates of $708.38 million. Range Resources had a net margin of 17.22% and a return on equity of 16.17%. During the same period in the previous year, the business earned $0.46 earnings per share. Sell-side analysts expect that Range Resources will post 2.02 EPS for the current year.

Insider Transactions at Range Resources

In other news, CEO Dennis Degner sold 35,850 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $40.42, for a total value of $1,449,057.00. Following the completion of the sale, the chief executive officer owned 58,431 shares in the company, valued at $2,361,781.02. This represents a 38.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Erin W. Mcdowell sold 9,568 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $40.62, for a total transaction of $388,652.16. Following the transaction, the senior vice president owned 13,800 shares of the company's stock, valued at approximately $560,556. The trade was a 40.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,080 shares of company stock worth $2,984,479. Company insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Range Resources

Several institutional investors have recently added to or reduced their stakes in the stock. Callan Family Office LLC lifted its holdings in Range Resources by 30.9% during the second quarter. Callan Family Office LLC now owns 11,989 shares of the oil and gas exploration company's stock valued at $488,000 after purchasing an additional 2,831 shares during the last quarter. NBT Bank N A NY purchased a new position in Range Resources during the second quarter valued at approximately $213,000. QRG Capital Management Inc. raised its stake in Range Resources by 169.9% in the second quarter. QRG Capital Management Inc. now owns 16,199 shares of the oil and gas exploration company's stock valued at $659,000 after purchasing an additional 10,197 shares in the last quarter. Barrett & Company Inc. purchased a new stake in Range Resources in the second quarter valued at approximately $41,000. Finally, Ameritas Advisory Services LLC purchased a new stake in Range Resources in the second quarter valued at approximately $47,000. Institutional investors own 98.93% of the company's stock.

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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