UBS Group Has Lowered Expectations for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its target price dropped by research analysts at UBS Group from $49.00 to $44.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas exploration company’s stock. UBS Group’s price target indicates a potential upside of 15.13% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company lowered their price objective on shares of Range Resources from $46.00 to $45.00 and set an “equal weight” rating for the company in a research report on Thursday, July 23rd. The Goldman Sachs Group lowered their target price on Range Resources from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Susquehanna dropped their price target on Range Resources from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Truist Financial reduced their price objective on Range Resources from $46.00 to $43.00 and set a “hold” rating for the company in a research report on Friday, July 10th. Finally, Barclays increased their price objective on Range Resources from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $44.00.

Range Resources Stock Up 1.6%

Shares of NYSE:RRC traded up $0.62 during trading on Friday, hitting $38.22. 1,289,337 shares of the company’s stock traded hands, compared to its average volume of 3,131,791. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average price of $40.02 and a 200-day moving average price of $40.34. Range Resources has a 52 week low of $32.68 and a 52 week high of $48.31. The company has a market cap of $8.93 billion, a price-to-earnings ratio of 10.56 and a beta of 0.71.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. The business had revenue of $759.58 million during the quarter, compared to analysts’ expectations of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.During the same period in the prior year, the business earned $0.66 EPS. Range Resources’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, research analysts forecast that Range Resources will post 3.73 EPS for the current fiscal year.

Insider Activity at Range Resources

In other news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the completion of the transaction, the director directly owned 13,421 shares in the company, valued at $536,840. This represents a 20.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Range Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in Range Resources in the second quarter valued at approximately $868,085,000. Boston Partners raised its stake in shares of Range Resources by 14.0% during the 4th quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock worth $474,585,000 after purchasing an additional 1,650,258 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Range Resources by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company’s stock worth $415,354,000 after purchasing an additional 227,711 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Range Resources by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 4,337,001 shares of the oil and gas exploration company’s stock valued at $152,971,000 after buying an additional 41,078 shares during the last quarter. Finally, Goehring & Rozencwajg Associates LLC boosted its holdings in shares of Range Resources by 35.9% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,721,749 shares of the oil and gas exploration company’s stock valued at $122,969,000 after buying an additional 718,648 shares during the last quarter. 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 (NGLs) and oil producer headquartered in Fort Worth, Texas. The company explores for, develops and produces hydrocarbons, with a primary focus on unconventional shale resources in the Appalachian Basin.

Range’s principal operating area is the Marcellus Shale in southwestern Pennsylvania, where it produces natural gas, NGLs and condensate. Its products are sold to customers through regional and interstate pipeline systems and other market channels serving utilities, industrial users, power generators and other energy markets.

Founded in 1976, Range Resources has historically operated in several U.S.