Range Resources (NYSE:RRC) Price Target Cut to $45.00 by Analysts at Citigroup

Key Points

• Citigroup cut its price target for Range Resources from $50 to $45 and kept a "neutral" rating, implying roughly a 10.6% upside from the prior close.
• Analyst consensus remains a Hold with an average price target of $42.76, as other brokerages' targets recently ranged roughly from $38 to $46.
• Shares traded at $40.68 (down $1.22) after the company reported an EPS beat of $0.82 vs. $0.69 and revenue up 30.9% year‑over‑year; Range has a market cap of about $9.6B and a PE of ~14.8.

Range Resources (NYSE:RRC - Get Free Report) had its price target dropped by stock analysts at Citigroup from $50.00 to $45.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the oil and gas exploration company's stock. Citigroup's target price suggests a potential upside of 10.63% from the company's previous close.

Several other brokerages also recently commented on RRC. Morgan Stanley dropped their price objective on shares of Range Resources from $42.00 to $40.00 and set an "equal weight" rating for the company in a research note on Friday, January 23rd. Truist Financial dropped their price objective on shares of Range Resources from $48.00 to $46.00 and set a "hold" rating for the company in a research note on Thursday, April 9th. Barclays increased their price objective on shares of Range Resources from $39.00 to $41.00 and gave the company an "equal weight" rating in a research note on Monday, March 16th. Bank of America reissued a "neutral" rating and issued a $38.00 price objective (down from $44.00) on shares of Range Resources in a research note on Friday, January 16th. Finally, Wells Fargo & Company increased their price objective on shares of Range Resources from $43.00 to $46.00 and gave the company an "equal weight" rating in a research note on Thursday, February 26th. Four equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Range Resources has an average rating of "Hold" and a consensus price target of $42.76.

Range Resources Price Performance

Shares of NYSE RRC traded down $1.22 during trading hours on Tuesday, hitting $40.68. 1,631,478 shares of the stock were exchanged, compared to its average volume of 3,466,479. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market cap of $9.58 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 0.35 and a beta of 0.51. The company's fifty day simple moving average is $41.33 and its two-hundred day simple moving average is $38.34. Range Resources has a 1-year low of $32.08 and a 1-year high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.13. The business had revenue of $786.89 million for the quarter, compared to analyst estimates of $770.92 million. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The firm's revenue for the quarter was up 30.9% on a year-over-year basis. During the same quarter last year, the business posted $0.68 EPS. On average, sell-side analysts predict that Range Resources will post 2.02 EPS for the current year.

Insider Activity

In other news, Director Brenda A. Cline sold 7,000 shares of the firm's stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $44.40, for a total transaction of $310,800.00. Following the completion of the transaction, the director owned 28,668 shares of the company's stock, valued at approximately $1,272,859.20. This trade represents a 19.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Range Resources

Large investors have recently modified their holdings of the business. UMB Bank n.a. grew its position in shares of Range Resources by 13.0% in the 4th quarter. UMB Bank n.a. now owns 2,431 shares of the oil and gas exploration company's stock valued at $86,000 after buying an additional 279 shares during the last quarter. Profund Advisors LLC grew its position in shares of Range Resources by 5.5% in the 3rd quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company's stock valued at $204,000 after buying an additional 282 shares during the last quarter. Pinnacle Associates Ltd. grew its position in shares of Range Resources by 2.5% in the 3rd quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company's stock valued at $471,000 after buying an additional 302 shares during the last quarter. Confluence Wealth Services Inc. grew its position in shares of Range Resources by 3.2% in the 4th quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company's stock valued at $360,000 after buying an additional 312 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of Range Resources by 49.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company's stock valued at $38,000 after buying an additional 336 shares during the last quarter. Institutional investors own 98.93% of the company's stock.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania's Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company's technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.

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