Citigroup Boosts Range Resources (NYSE:RRC) Price Target to $50.00
by Tristan Rich · The Markets DailyRange Resources (NYSE:RRC – Get Free Report) had its price objective lifted by Citigroup from $43.00 to $50.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s target price would indicate a potential upside of 10.80% from the stock’s previous close.
Several other brokerages have also weighed in on RRC. Piper Sandler lifted their price objective on Range Resources from $41.00 to $42.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Zacks Research upgraded shares of Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Weiss Ratings upgraded shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, February 27th. UBS Group boosted their price target on shares of Range Resources from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Finally, Mizuho raised their price objective on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $43.18.
Read Our Latest Research Report on Range Resources
Range Resources Stock Performance
Shares of RRC stock traded down $1.08 during trading hours on Tuesday, hitting $45.13. 2,502,105 shares of the company were exchanged, compared to its average volume of 3,480,409. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 16.47, a P/E/G ratio of 0.44 and a beta of 0.57. The firm has a fifty day simple moving average of $39.92 and a 200 day simple moving average of $37.80. Range Resources has a 52-week low of $30.32 and a 52-week high of $48.31.
Range Resources (NYSE:RRC – Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.69 by $0.13. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The business had revenue of $786.89 million for the quarter, compared to the consensus estimate of $770.92 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. Range Resources’s revenue for the quarter was up 30.9% on a year-over-year basis. Research analysts predict that Range Resources will post 2.02 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the company. CWA Asset Management Group LLC boosted its position in shares of Range Resources by 43.5% during the 3rd quarter. CWA Asset Management Group LLC now owns 388,569 shares of the oil and gas exploration company’s stock valued at $14,626,000 after acquiring an additional 117,722 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Range Resources by 753.5% in the third quarter. Oppenheimer & Co. Inc. now owns 90,179 shares of the oil and gas exploration company’s stock valued at $3,394,000 after purchasing an additional 79,613 shares in the last quarter. Citigroup Inc. raised its stake in Range Resources by 71.0% in the third quarter. Citigroup Inc. now owns 307,604 shares of the oil and gas exploration company’s stock valued at $11,578,000 after purchasing an additional 127,753 shares in the last quarter. Congress Asset Management Co. lifted its position in Range Resources by 12.1% during the third quarter. Congress Asset Management Co. now owns 539,285 shares of the oil and gas exploration company’s stock valued at $20,299,000 after purchasing an additional 58,335 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Range Resources by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 24,851,886 shares of the oil and gas exploration company’s stock worth $935,425,000 after buying an additional 799,574 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.
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.