Wolfe Research Upgrades Range Resources (NYSE:RRC) to Outperform

Range Resources (NYSE:RRC) was upgraded by investment analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a note issued to investors on Friday, Marketbeat reports. The brokerage presently has a $42.00 target price on the oil and gas exploration company’s stock. Wolfe Research’s target price points to a potential upside of 16.96% from the stock’s current price.

RRC has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their price target on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research report on Thursday, September 12th. StockNews.com upgraded shares of Range Resources to a “sell” rating in a report on Wednesday, November 27th. Piper Sandler cut their target price on Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, November 18th. Morgan Stanley dropped their price objective on Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a research note on Monday, September 16th. Finally, Wells Fargo & Company raised their target price on Range Resources from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and a consensus target price of $36.32.

Range Resources Stock Performance

NYSE:RRC opened at $35.91 on Friday. The company’s 50-day moving average is $34.13 and its two-hundred day moving average is $32.24. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of 18.14 and a beta of 1.81. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. During the same quarter last year, the firm earned $0.43 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. Analysts forecast that Range Resources will post 1.91 EPS for the current year.

Insider Transactions at Range Resources

In other news, Director Charles G. Griffie bought 1,275 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the transaction, the director now owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of Range Resources by 36.4% in the fourth quarter. GAMMA Investing LLC now owns 4,391 shares of the oil and gas exploration company’s stock valued at $158,000 after purchasing an additional 1,172 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after acquiring an additional 463 shares during the last quarter. JPMorgan Chase & Co. increased its position in Range Resources by 61.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after purchasing an additional 604,199 shares in the last quarter. Forthright Family Wealth Advisory LLC acquired a new position in Range Resources in the 3rd quarter valued at about $445,000. Finally, Sanctuary Advisors LLC purchased a new position in Range Resources in the 3rd quarter valued at about $205,000. 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.