Range Resources (NYSE:RRC) Price Target Raised to $42.00 at Piper Sandler

Key Points

• Piper Sandler raised its price target on Range Resources from $41 to $42 while maintaining a "neutral" rating, implying roughly a 2% downside from the prior close.
• Analyst consensus is a "Hold" with an average target of $42.13 and mixed coverage (1 Strong Buy, 4 Buy, 12 Hold, 2 Sell), signaling varied opinions among sell-side analysts.
• Range Resources beat quarterly estimates (EPS $0.82 vs. $0.69; revenue $786.9M vs. $770.9M, +30.9% YoY) and its shares traded around $42.84, with institutional ownership near 98.9%.

Range Resources (NYSE:RRC - Get Free Report) had its price objective hoisted by stock analysts at Piper Sandler from $41.00 to $42.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas exploration company's stock. Piper Sandler's price target points to a potential downside of 1.96% from the stock's previous close.

RRC has been the topic of several other research reports. Bank of America reiterated a "neutral" rating and set a $38.00 target price (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. Royal Bank Of Canada decreased their price target on Range Resources from $46.00 to $44.00 and set a "sector perform" rating on the stock in a research note on Wednesday, January 14th. UBS Group increased their price objective on Range Resources from $38.00 to $43.00 and gave the stock a "neutral" rating in a research report on Friday, December 12th. Wells Fargo & Company raised their target price on Range Resources from $43.00 to $46.00 and gave the company an "equal weight" rating in a report on Thursday, February 26th. Finally, TD Cowen raised shares of Range Resources to a "hold" rating in a research note on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Range Resources currently has a consensus rating of "Hold" and an average target price of $42.13.

Range Resources Stock Performance

Shares of RRC traded up $0.89 during midday trading on Thursday, reaching $42.84. 1,320,052 shares of the stock were exchanged, compared to its average volume of 3,365,096. Range Resources has a twelve month low of $30.32 and a twelve month high of $43.50. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market capitalization of $10.08 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 0.37 and a beta of 0.57. The business's 50-day moving average price is $37.11 and its 200 day moving average price is $36.81.

Range Resources (NYSE:RRC - Get Free Report) last released 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 analysts' consensus estimates of $0.69 by $0.13. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The firm had revenue of $786.89 million for the quarter, compared to the consensus estimate of $770.92 million. During the same quarter last year, the business posted $0.68 EPS. The firm's quarterly revenue was up 30.9% compared to the same quarter last year. On average, sell-side analysts expect that Range Resources will post 2.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RRC. Corient Private Wealth LLC lifted its stake in Range Resources by 36.6% in the 4th quarter. Corient Private Wealth LLC now owns 9,995 shares of the oil and gas exploration company's stock valued at $353,000 after buying an additional 2,677 shares in the last quarter. Hsbc Holdings PLC increased its position in Range Resources by 22.8% during the fourth quarter. Hsbc Holdings PLC now owns 427,713 shares of the oil and gas exploration company's stock worth $14,966,000 after buying an additional 79,533 shares in the last quarter. Fearnley Asset Management AS acquired a new position in shares of Range Resources in the fourth quarter worth $17,927,000. Virtu Financial LLC acquired a new position in shares of Range Resources in the fourth quarter worth $319,000. Finally, Invesco Ltd. lifted its position in shares of Range Resources by 1.7% in the fourth quarter. Invesco Ltd. now owns 4,255,287 shares of the oil and gas exploration company's stock valued at $150,041,000 after acquiring an additional 71,351 shares in the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

About Range Resources

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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