Piper Sandler Lowers Range Resources (NYSE:RRC) Price Target to $39.00

Range Resources (NYSE:RRC) had its price target reduced by research analysts at Piper Sandler from $41.00 to $39.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s price target suggests a potential upside of 13.31% from the stock’s previous close.

RRC has been the topic of a number of other research reports. Bank of America increased their target price on Range Resources from $45.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. Stephens reiterated an “overweight” rating and issued a $49.00 target price on shares of Range Resources in a research note on Wednesday, April 23rd. UBS Group increased their target price on Range Resources from $40.00 to $42.00 and gave the stock a “neutral” rating in a research note on Monday, July 28th. Susquehanna increased their target price on Range Resources from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 23rd. Finally, Scotiabank set a $46.00 target price on Range Resources and gave the stock a “sector perform” rating in a research note on Friday, July 11th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $43.26.

Range Resources Stock Performance

Range Resources stock opened at $34.42 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market capitalization of $8.20 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 0.27 and a beta of 0.60. Range Resources has a 1-year low of $27.55 and a 1-year high of $43.50. The company’s 50-day moving average is $38.01 and its 200 day moving average is $37.58.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share 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 for the quarter, compared to the consensus estimate of $708.38 million. During the same period in the prior year, the business posted $0.46 earnings per share. Research analysts forecast that Range Resources will post 2.02 EPS for the current year.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $40.16, for a total value of $168,672.00. Following the completion of the sale, the director owned 13,663 shares of the company’s stock, valued at approximately $548,706.08. This trade represents a 23.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Range Resources

Several institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Range Resources by 98.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,035 shares of the oil and gas exploration company’s stock worth $720,000 after purchasing an additional 8,941 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Range Resources by 24.5% during the fourth quarter. Ameriprise Financial Inc. now owns 423,822 shares of the oil and gas exploration company’s stock worth $15,249,000 after purchasing an additional 83,353 shares during the period. Advisor Resource Council acquired a new stake in shares of Range Resources during the first quarter worth about $622,000. Goehring & Rozencwajg Associates LLC lifted its holdings in shares of Range Resources by 1.8% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company’s stock worth $57,803,000 after purchasing an additional 25,403 shares during the period. Finally, D.A. Davidson & CO. acquired a new stake in shares of Range Resources during the first quarter worth about $612,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

About Range Resources

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.