Range Resources (NYSE:RRC – Get Free Report) was downgraded by equities researchers at Freedom Broker from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks reports.
RRC has been the subject of several other reports. Susquehanna lifted their target price on shares of Range Resources from $41.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, October 20th. Zacks Research raised Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 19th. Texas Capital downgraded Range Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 27th. Mizuho raised their price objective on Range Resources from $52.00 to $67.00 and gave the company an “outperform” rating in a research report on Monday, October 26th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $37.00 price objective on shares of Range Resources in a research report on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nineteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Range Resources has a consensus rating of “Hold” and a consensus target price of $46.22.
Read Our Latest Analysis on RRC
Range Resources Stock Down 1.0%
Shares of Range Resources stock opened at $53.91 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.74 and a quick ratio of 0.74. The company has a 50-day moving average of $42.70 and a 200 day moving average of $40.53. The firm has a market cap of $12.60 billion, a price-to-earnings ratio of 14.30 and a beta of 0.64. Range Resources has a 1 year low of $32.68 and a 1 year high of $56.90.
Range Resources (NYSE:RRC – Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.06. Range Resources had a net margin of 25.25% and a return on equity of 19.15%. The company had revenue of $842.83 million during the quarter, compared to analysts’ expectations of $795.19 million. During the same period last year, the company posted $0.57 EPS. Range Resources’s revenue was up 12.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Range Resources will post 3.85 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Range Resources
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Range Resources during the 2nd quarter valued at $868,085,000. Bank of New York Mellon Corp bought a new position in shares of Range Resources during the 2nd quarter valued at $67,470,000. Bank of America Corp DE bought a new position in shares of Range Resources during the 2nd quarter valued at $58,524,000. The Manufacturers Life Insurance Company bought a new position in shares of Range Resources during the 2nd quarter valued at $53,264,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Range Resources in the 1st quarter worth $64,481,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.
Range Resources Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.
The company’s activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.
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