Range Resources (NYSE:RRC) Given New $39.00 Price Target at Citigroup

Key Points

• Citigroup has reduced its price target for Range Resources from $40.00 to $39.00, maintaining a "neutral" rating on the company's stock which suggests an upside of 11.62% from its current price.
• Other analysts, including Mizuho and UBS, have also adjusted their targets, with the average consensus price target for Range Resources now at $41.80 amidst a majority of "Hold" ratings.
• Range Resources reported a quarterly earnings per share of $0.66, exceeding expectations and showing a strong revenue of $856.28 million against forecasted values.

Range Resources (NYSE:RRC - Get Free Report) had its price objective cut by Citigroup from $40.00 to $39.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the oil and gas exploration company's stock. Citigroup's price target suggests a potential upside of 11.62% from the company's current price.

Several other research analysts have also recently issued reports on the stock. Mizuho lowered their target price on shares of Range Resources from $48.00 to $42.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Susquehanna upped their price target on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. UBS Group reduced their price target on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating for the company in a research report on Wednesday, August 20th. Scotiabank set a $46.00 price target on shares of Range Resources and gave the company a "sector perform" rating in a research report on Friday, July 11th. Finally, Roth Capital downgraded shares of Range Resources from a "buy" rating to a "neutral" rating and reduced their price target for the company from $44.00 to $35.00 in a research report on Monday, August 18th. Seven research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $41.80.

Range Resources Trading Up 1.3%

Shares of Range Resources stock opened at $34.94 on Tuesday. The company has a fifty day simple moving average of $35.01 and a 200-day simple moving average of $36.92. Range Resources has a 12-month low of $28.99 and a 12-month high of $43.50. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. The stock has a market cap of $8.32 billion, a price-to-earnings ratio of 17.56, a PEG ratio of 0.29 and a beta of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, beating 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 business had revenue of $856.28 million during the quarter, compared to analysts' expectations of $708.38 million. During the same quarter in the prior year, the business posted $0.46 EPS. On average, equities analysts forecast that Range Resources will post 2.02 EPS for the current fiscal year.

Institutional Trading of Range Resources

Several large investors have recently added to or reduced their stakes in RRC. GAMMA Investing LLC boosted its stake in shares of Range Resources by 4.7% during the 2nd quarter. GAMMA Investing LLC now owns 6,013 shares of the oil and gas exploration company's stock valued at $245,000 after buying an additional 270 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Range Resources by 0.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 73,294 shares of the oil and gas exploration company's stock valued at $2,981,000 after buying an additional 299 shares during the period. Bessemer Group Inc. boosted its stake 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 valued at $39,000 after buying an additional 315 shares during the period. ProShare Advisors LLC boosted its stake in shares of Range Resources by 3.1% during the 2nd quarter. ProShare Advisors LLC now owns 10,596 shares of the oil and gas exploration company's stock valued at $431,000 after buying an additional 315 shares during the period. Finally, Xponance Inc. lifted its stake in shares of Range Resources by 1.2% in the 1st quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company's stock valued at $1,099,000 after purchasing an additional 326 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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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