Truist Financial Has Lowered Expectations for Range Resources (NYSE:RRC) Stock Price
by Michael Walen · The Markets DailyRange Resources (NYSE:RRC – Get Free Report) had its target price reduced by equities research analysts at Truist Financial from $48.00 to $46.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the oil and gas exploration company’s stock. Truist Financial’s price objective would indicate a potential upside of 5.54% from the stock’s previous close.
Several other analysts have also recently issued reports on RRC. Zacks Research raised shares of Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Mizuho upped their target price on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. 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 report on Friday, January 16th. Morgan Stanley dropped their price target 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. Finally, Weiss Ratings raised Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research report on Friday, February 27th. Four research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $43.06.
Check Out Our Latest Report on RRC
Range Resources Trading Up 0.6%
Shares of NYSE RRC traded up $0.26 during trading on Thursday, reaching $43.59. The stock had a trading volume of 139,105 shares, compared to its average volume of 3,435,348. 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 $10.26 billion, a P/E ratio of 15.92, a PEG ratio of 0.34 and a beta of 0.51. Range Resources has a fifty-two week low of $31.27 and a fifty-two week high of $48.31. The business’s 50-day moving average price is $40.99 and its 200-day moving average price is $38.20.
Range Resources (NYSE:RRC – Get Free Report) last posted its 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. 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 analyst estimates of $770.92 million. During the same quarter in the prior year, the company earned $0.68 EPS. Range Resources’s revenue was up 30.9% on a year-over-year basis. On average, equities research analysts predict that Range Resources will post 2.02 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC raised its holdings in shares of Range Resources by 2.1% in the 1st quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company’s stock valued at $3,029,000 after purchasing an additional 1,563 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Range Resources by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company’s stock worth $18,639,000 after purchasing an additional 8,816 shares in the last quarter. Focus Partners Wealth purchased a new position in Range Resources in the first quarter valued at $285,000. EverSource Wealth Advisors LLC raised its stake in Range Resources by 63.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company’s stock valued at $119,000 after buying an additional 1,139 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in Range Resources by 8.0% in the second quarter. California Public Employees Retirement System now owns 410,651 shares of the oil and gas exploration company’s stock valued at $16,701,000 after buying an additional 30,481 shares in the last quarter. Institutional investors and hedge funds 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.