Zacks Research Downgrades Range Resources (NYSE:RRC) to Strong Sell

Key Points

• Range Resources has been downgraded by Zacks Research from a "hold" rating to a "strong sell", indicating a significant negative shift in analyst sentiment.
• Morgan Stanley and Barclays have adjusted their price targets for Range Resources, with Morgan Stanley reducing it to <$strong>42.00 and Barclays increasing it to $44.00, suggesting mixed expectations among analysts.
• Despite the downgrade, Range Resources reported positive earnings in its last quarter, with $0.66 EPS surpassing analyst estimates, and a strong revenue of $856.28 million.

Range Resources (NYSE:RRC - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Thursday,Zacks.com reports.

Several other brokerages have also issued reports on RRC. Morgan Stanley dropped their price target on Range Resources from $44.00 to $42.00 and set an "equal weight" rating for the company in a research note on Tuesday. Barclays lifted their price target on Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Scotiabank set a $46.00 price target on Range Resources and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Range Resources in a research note on Wednesday, October 8th. Finally, Piper Sandler dropped their price target on Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Eight investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $42.05.

Range Resources Trading Up 0.7%

Shares of RRC stock opened at $35.96 on Thursday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $35.56 and a two-hundred day moving average price of $36.75. Range Resources has a 12-month low of $28.99 and a 12-month high of $43.50. The firm has a market cap of $8.57 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 0.32 and a beta of 0.51.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The firm had revenue of $856.28 million during the quarter, compared to analyst estimates of $708.38 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. Equities analysts anticipate that Range Resources will post 2.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Perigon Wealth Management LLC bought a new position in Range Resources during the 3rd quarter valued at approximately $282,000. CWM LLC raised its position in Range Resources by 727.5% during the 3rd quarter. CWM LLC now owns 133,915 shares of the oil and gas exploration company's stock valued at $5,041,000 after purchasing an additional 117,732 shares during the last quarter. Farther Finance Advisors LLC raised its position in Range Resources by 41.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 5,778 shares of the oil and gas exploration company's stock valued at $217,000 after purchasing an additional 1,684 shares during the last quarter. Builder Investment Group Inc. ADV raised its position in Range Resources by 84.5% during the 3rd quarter. Builder Investment Group Inc. ADV now owns 136,820 shares of the oil and gas exploration company's stock valued at $5,150,000 after purchasing an additional 62,675 shares during the last quarter. Finally, Brighton Jones LLC bought a new position in Range Resources during the 3rd quarter valued at approximately $530,000. 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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