Range Resources (NYSE:RRC) Given New $41.00 Price Target at Raymond James Financial

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 target price lowered by equities research analysts at Raymond James Financial from $45.00 to $41.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the oil and gas exploration company's stock. Raymond James Financial's price objective indicates a potential upside of 20.29% from the stock's previous close.

A number of other research analysts also recently issued reports on the stock. Barclays boosted their target price on shares of Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a research report on Monday, July 7th. Piper Sandler lowered their target price on Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a research note on Thursday, August 14th. Susquehanna lifted their price target on Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Roth Capital lowered Range Resources from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $44.00 to $35.00 in a research report on Monday, August 18th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $45.00 target price on shares of Range Resources in a report on Tuesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Range Resources presently has an average rating of "Hold" and a consensus target price of $41.75.

Range Resources Stock Performance

Shares of NYSE:RRC traded down $1.21 on Friday, hitting $34.09. 2,009,605 shares of the company were exchanged, compared to its average volume of 2,870,646. The firm has a market capitalization of $8.12 billion, a P/E ratio of 17.16, a price-to-earnings-growth ratio of 0.30 and a beta of 0.55. 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's 50 day moving average price is $35.18 and its 200 day moving average price is $36.94. Range Resources has a 1-year low of $28.99 and a 1-year high of $43.50.

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

Hedge Funds Weigh In On Range Resources

Several hedge funds and other institutional investors have recently made changes to their positions in RRC. Osaic Holdings Inc. boosted its stake in shares of Range Resources by 15.9% in the second quarter. Osaic Holdings Inc. now owns 13,324 shares of the oil and gas exploration company's stock worth $542,000 after acquiring an additional 1,828 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Range Resources by 70.8% during the 2nd quarter. Thrivent Financial for Lutherans now owns 96,616 shares of the oil and gas exploration company's stock worth $3,929,000 after purchasing an additional 40,038 shares during the last quarter. Castleark Management LLC grew its holdings in shares of Range Resources by 44.1% during the second quarter. Castleark Management LLC now owns 201,730 shares of the oil and gas exploration company's stock worth $8,204,000 after buying an additional 61,710 shares in the last quarter. Captrust Financial Advisors raised its position in shares of Range Resources by 17.8% in the second quarter. Captrust Financial Advisors now owns 25,538 shares of the oil and gas exploration company's stock valued at $1,039,000 after buying an additional 3,861 shares during the last quarter. Finally, Vident Advisory LLC lifted its stake in shares of Range Resources by 4.0% in the second quarter. Vident Advisory LLC now owns 24,345 shares of the oil and gas exploration company's stock worth $990,000 after buying an additional 936 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Range Resources Company Profile

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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