Range Resources (NYSE:RRC) Price Target Raised to $44.00

Key Points

• Bank of America raised its price target on Range Resources to $44.00 (from $38.00) while keeping a "neutral" rating, implying roughly a 6.95% upside
• Range Resources posted an EPS beat of $0.82 vs. $0.69 and revenue of $786.9M (up 30.9% YoY); the shares traded near $41.14 with a $9.69B market cap and a P/E of 15.01.
• Director Brenda A. Cline sold 7,000 shares at $44.40 (reducing her stake ~19.6%), while insiders own 1.10% of the stock and institutional investors/hedge funds own about 98.93%.

Range Resources (NYSE:RRC - Get Free Report) had its price target hoisted by analysts at Bank of America from $38.00 to $44.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the oil and gas exploration company's stock. Bank of America's price objective would suggest a potential upside of 6.95% from the stock's previous close.

RRC has been the subject of a number of other research reports. Wells Fargo & Company increased their price target on Range Resources from $43.00 to $46.00 and gave the company an "equal weight" rating in a report on Thursday, February 26th. Citigroup reduced their target price on Range Resources from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Tuesday, April 14th. Truist Financial cut their price target on Range Resources from $48.00 to $46.00 and set a "hold" rating on the stock in a report on Thursday, April 9th. Piper Sandler upped their price objective on Range Resources from $41.00 to $42.00 and gave the stock a "neutral" rating in a research note on Thursday, March 12th. Finally, TD Cowen upped their price objective on Range Resources from $40.00 to $45.00 and gave the stock a "hold" rating in a research note on Tuesday, March 17th. Four research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Range Resources currently has an average rating of "Hold" and an average price target of $43.12.

Range Resources Trading Down 1.4%

Shares of RRC opened at $41.14 on Tuesday. The company has a market capitalization of $9.69 billion, a P/E ratio of 15.01, a P/E/G ratio of 0.33 and a beta of 0.51. Range Resources has a one year low of $32.08 and a one year high of $48.31. 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 stock has a 50-day moving average price of $41.85 and a 200 day moving average price of $38.46.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.13. The firm had revenue of $786.89 million during the quarter, compared to the consensus estimate of $770.92 million. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.Range Resources's revenue for the quarter was up 30.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.68 earnings per share. Sell-side analysts forecast that Range Resources will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Brenda A. Cline sold 7,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total value of $310,800.00. Following the sale, the director directly owned 28,668 shares in the company, valued at $1,272,859.20. This trade represents a 19.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Range Resources

Several hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in shares of Range Resources by 1.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company's stock valued at $975,311,000 after purchasing an additional 326,748 shares during the period. Vanguard Group Inc. increased its position in shares of Range Resources by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company's stock valued at $901,021,000 after purchasing an additional 701,751 shares during the period. Boston Partners increased its position in shares of Range Resources by 14.0% during the 4th quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company's stock valued at $474,585,000 after purchasing an additional 1,650,258 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Range Resources by 8.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company's stock valued at $316,123,000 after purchasing an additional 673,827 shares during the period. Finally, Kopernik Global Investors LLC increased its position in shares of Range Resources by 18.5% during the 4th quarter. Kopernik Global Investors LLC now owns 5,238,903 shares of the oil and gas exploration company's stock valued at $184,724,000 after purchasing an additional 818,295 shares during the period. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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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