Range Resources (NYSE:RRC) Stock Rating Lowered by Bank of America

Range Resources (NYSE:RRC) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Friday, Marketbeat Ratings reports. They currently have a $38.00 target price on the oil and gas exploration company’s stock, down from their previous target price of $44.00. Bank of America‘s price objective indicates a potential upside of 13.71% from the company’s previous close.

Several other research firms have also recently weighed in on RRC. Raymond James Financial lowered their price objective on Range Resources from $45.00 to $41.00 and set an “outperform” rating on the stock in a research report on Friday, September 19th. Weiss Ratings reissued a “hold (c)” rating on shares of Range Resources in a report on Monday, December 29th. Morgan Stanley decreased their target price on shares of Range Resources from $44.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 14th. Barclays upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 18th. Finally, Piper Sandler lowered their price objective on Range Resources from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 18th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $41.37.

Range Resources Stock Down 0.5%

Shares of RRC opened at $33.42 on Friday. The firm has a market cap of $7.92 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 0.23 and a beta of 0.51. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.56 and a current ratio of 0.56. Range Resources has a 52 week low of $30.32 and a 52 week high of $43.50. The firm’s 50-day simple moving average is $36.59 and its 200 day simple moving average is $36.33.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 28th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.03. Range Resources had a net margin of 19.64% and a return on equity of 15.99%. The firm had revenue of $655.30 million during the quarter, compared to the consensus estimate of $721.22 million. During the same period last year, the business posted $0.48 earnings per share. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. On average, analysts forecast that Range Resources will post 2.02 earnings per share for the current year.

Institutional Trading of Range Resources

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Range Resources by 3.3% during the third quarter. Vanguard Group Inc. now owns 24,851,886 shares of the oil and gas exploration company’s stock worth $935,425,000 after acquiring an additional 799,574 shares in the last quarter. Boston Partners grew its holdings in shares of Range Resources by 59.3% during the 3rd quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company’s stock valued at $445,196,000 after purchasing an additional 4,398,042 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Range Resources by 7.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,291,202 shares of the oil and gas exploration company’s stock worth $312,075,000 after purchasing an additional 608,274 shares in the last quarter. Lingotto Investment Management LLP lifted its stake in Range Resources by 2.0% in the 2nd quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock valued at $291,263,000 after purchasing an additional 138,877 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Range Resources by 230.1% in the second quarter. Invesco Ltd. now owns 4,785,940 shares of the oil and gas exploration company’s stock valued at $194,644,000 after buying an additional 3,336,299 shares in the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

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.