Range Resources (NYSE:RRC) Given New $42.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has lowered the price target for Range Resources from $44.00 to $42.00, maintaining an "equal weight" rating, suggesting a potential upside of 16.78%.
• Range Resources' stock has seen a decline of 2.7%, trading at $35.97, below its 1-year high of $43.50.
• Consensus ratings show eight analyststhirteen analysts

Range Resources (NYSE:RRC - Get Free Report) had its target price lowered by equities research analysts at Morgan Stanley from $44.00 to $42.00 in a note issued to investors on Tuesday, Marketbeat reports. The firm currently has an "equal weight" rating on the oil and gas exploration company's stock. Morgan Stanley's target price would suggest a potential upside of 16.78% from the company's previous close.

A number of other equities analysts have also weighed in on RRC. JPMorgan Chase & Co. decreased their price objective on shares of Range Resources from $46.00 to $44.00 and set a "neutral" rating for the company in a report on Monday, October 6th. Mizuho lifted their target price on shares of Range Resources from $42.00 to $46.00 and gave the stock an "outperform" rating in a research report on Thursday, October 9th. Barclays lifted their target price on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Roth Capital downgraded shares of Range Resources from a "buy" rating to a "neutral" rating and cut their target price for the stock from $44.00 to $35.00 in a research report on Monday, August 18th. Finally, Susquehanna lifted 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. Eight research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, Range Resources currently has a consensus rating of "Hold" and a consensus target price of $42.05.

Range Resources Stock Down 2.7%

NYSE RRC traded down $1.01 during mid-day trading on Tuesday, reaching $35.97. The stock had a trading volume of 1,067,407 shares, compared to its average volume of 2,895,074. Range Resources has a 1 year low of $28.99 and a 1 year high of $43.50. The stock has a market cap of $8.57 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 0.32 and a beta of 0.51. The company has a fifty day moving average price of $35.45 and a 200 day moving average price of $36.81. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55.

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, topping analysts' consensus estimates of $0.65 by $0.01. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. The company had revenue of $856.28 million during the quarter, compared to analyst estimates of $708.38 million. During the same period in the previous year, the business earned $0.46 EPS. On average, research analysts expect that Range Resources will post 2.02 earnings per share for the current year.

Institutional Investors Weigh In On Range Resources

A number of hedge funds have recently modified their holdings of the business. Boston Partners grew its position in shares of Range Resources by 6.1% during the 2nd quarter. Boston Partners now owns 7,419,508 shares of the oil and gas exploration company's stock valued at $301,133,000 after acquiring an additional 425,704 shares during the period. Lingotto Investment Management LLP grew its position in shares of Range Resources by 2.0% during the 2nd 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 acquiring an additional 138,877 shares during the period. Invesco Ltd. lifted its stake in shares of Range Resources by 230.1% during 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 buying an additional 3,336,299 shares in the last quarter. Qube Research & Technologies Ltd lifted its stake 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 lifted its stake in shares of Range Resources by 5.2% during the 1st quarter. Kopernik Global Investors LLC now owns 2,846,663 shares of the oil and gas exploration company's stock valued at $113,667,000 after buying an additional 140,043 shares in the last quarter. 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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