Range Resources (NYSE:RRC) Price Target Lowered to $46.00 at Truist Financial

Range Resources (NYSE:RRC) had its price objective decreased by analysts at Truist Financial from $48.00 to $46.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the oil and gas exploration company’s stock. Truist Financial’s price target would indicate a potential upside of 5.54% from the company’s current price.

Several other brokerages have also commented on RRC. Morgan Stanley cut 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 report on Friday, January 23rd. Royal Bank Of Canada decreased their price objective on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Wells Fargo & Company lifted their target price on shares of Range Resources from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Thursday, February 26th. Weiss Ratings raised shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, February 27th. Finally, TD Cowen upped their price target on shares of Range Resources from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, March 17th. Four analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $43.06.

Range Resources Price Performance

Shares of NYSE:RRC traded up $0.26 during trading on Thursday, reaching $43.59. 139,105 shares of the company’s stock traded hands, compared to its average volume of 3,435,348. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.28. Range Resources has a fifty-two week low of $31.27 and a fifty-two week high of $48.31. The company has a 50-day simple moving average of $40.99 and a 200-day simple moving average of $38.20. The firm has a market cap of $10.26 billion, a PE ratio of 15.92, a P/E/G ratio of 0.34 and a beta of 0.51.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The company had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. During the same quarter in the prior year, the firm posted $0.68 EPS. Range Resources’s quarterly revenue was up 30.9% compared to the same quarter last year. As a group, analysts predict that Range Resources will post 2.02 earnings per share for the current year.

Institutional Investors Weigh In On Range Resources

A number of hedge funds have recently modified their holdings of the business. UMB Bank n.a. boosted its position in Range Resources by 13.0% during the fourth quarter. UMB Bank n.a. now owns 2,431 shares of the oil and gas exploration company’s stock worth $86,000 after acquiring an additional 279 shares during the last quarter. Profund Advisors LLC increased its position in shares of Range Resources by 5.5% during the third quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company’s stock valued at $204,000 after acquiring an additional 282 shares during the last quarter. Pinnacle Associates Ltd. raised its stake in shares of Range Resources by 2.5% in the 3rd quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company’s stock valued at $471,000 after acquiring an additional 302 shares during the period. Confluence Wealth Services Inc. lifted its holdings in shares of Range Resources by 3.2% in the 4th quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company’s stock worth $360,000 after acquiring an additional 312 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Range Resources by 49.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock worth $38,000 after acquiring an additional 336 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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.