Raymond James Financial Cuts Range Resources (NYSE:RRC) Price Target to $41.00

Key Points

• Raymond James Financial has lowered its price target for Range Resources from $45.00 to $41.00, while maintaining an "outperform" rating, indicating a potential upside of 20.29% from the stock's previous close.
• Shares of Range Resources recently traded at $34.09, with a market capitalization of $8.12 billion and a P/E ratio of 17.16.
• Overall, the stock has received mixed ratings, with seven analysts giving a "Buy" rating and twelve issuing a "Hold" rating, reflecting varied perspectives on its future performance.

Range Resources (NYSE:RRC - Get Free Report) had its price target decreased by research analysts at Raymond James Financial from $45.00 to $41.00 in a report released on Friday,Benzinga reports. The firm presently has an "outperform" rating on the oil and gas exploration company's stock. Raymond James Financial's price objective indicates a potential upside of 17.34% from the company's current price.

Other research analysts have also issued reports about the stock. 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. Roth Capital lowered Range Resources from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $44.00 to $35.00 in a report on Monday, August 18th. Mizuho dropped their price objective on shares of Range Resources from $48.00 to $42.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Susquehanna increased their target price on shares of Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Piper Sandler lowered their price target on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $41.75.

Range Resources Stock Up 1.3%

RRC stock traded up $0.44 during midday trading on Friday, reaching $34.94. 2,487,328 shares of the company's stock traded hands, compared to its average volume of 2,949,743. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. The firm's fifty day moving average price is $35.10 and its 200-day moving average price is $36.92. Range Resources has a 52 week low of $28.99 and a 52 week high of $43.50. The company has a market cap of $8.32 billion, a price-to-earnings ratio of 13.17, a P/E/G ratio of 0.29 and a beta of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.01. The firm had revenue of $856.28 million during the quarter, compared to analysts' expectations 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 last year, the company earned $0.46 earnings per share. As a group, sell-side analysts forecast that Range Resources will post 2.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Range Resources

A number of hedge funds have recently modified their holdings of the company. Boston Partners boosted its holdings in shares of Range Resources by 6.1% during the second quarter. Boston Partners now owns 7,419,508 shares of the oil and gas exploration company's stock worth $301,133,000 after purchasing an additional 425,704 shares during the period. Lingotto Investment Management LLP increased its position in shares of Range Resources by 2.0% during the second quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company's stock valued at $291,263,000 after buying an additional 138,877 shares during the period. Invesco Ltd. lifted its stake in shares of Range Resources by 230.1% in the 2nd quarter. Invesco Ltd. now owns 4,785,940 shares of the oil and gas exploration company's stock valued at $194,644,000 after purchasing an additional 3,336,299 shares during the period. Qube Research & Technologies Ltd boosted its holdings in shares of Range Resources by 30.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 2,951,806 shares of the oil and gas exploration company's stock valued at $120,050,000 after buying an additional 689,212 shares in the last quarter. Finally, Kopernik Global Investors LLC grew its position in shares of Range Resources by 5.2% in the 1st quarter. Kopernik Global Investors LLC now owns 2,846,663 shares of the oil and gas exploration company's stock worth $113,667,000 after buying an additional 140,043 shares during the period. Hedge funds and other 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.