Range Resources (NYSE:RRC) Rating Lowered to Sector Perform at Royal Bank of Canada

Range Resources (NYSE:RRC) was downgraded by stock analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued on Friday, Marketbeat.com reports. They presently have a $39.00 price objective on the oil and gas exploration company’s stock, up from their prior price objective of $36.00. Royal Bank of Canada’s price objective points to a potential upside of 4.53% from the stock’s current price.

Several other research firms have also weighed in on RRC. Stephens increased their target price on shares of Range Resources from $41.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday. Mizuho restated a “buy” rating and set a $39.00 price objective on shares of Range Resources in a report on Thursday, April 11th. Citigroup raised their price objective on shares of Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, April 3rd. Benchmark restated a “hold” rating on shares of Range Resources in a report on Wednesday. Finally, Raymond James dropped their price objective on shares of Range Resources from $37.00 to $36.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Five investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Range Resources has an average rating of “Hold” and a consensus price target of $36.65.

Range Resources Trading Down 0.9 %

RRC opened at $37.31 on Friday. The firm’s fifty day moving average is $33.80 and its two-hundred day moving average is $32.41. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.49 and a current ratio of 1.35. The firm has a market cap of $9.05 billion, a PE ratio of 18.94 and a beta of 1.83. Range Resources has a twelve month low of $23.92 and a twelve month high of $38.25.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to analyst estimates of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The business’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same period last year, the business posted $0.96 earnings per share. Equities research analysts anticipate that Range Resources will post 2 EPS for the current year.

Insider Buying and Selling at Range Resources

In other news, VP Ashley Kavanaugh sold 15,978 shares of Range Resources stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $37.75, for a total value of $603,169.50. Following the completion of the transaction, the vice president now owns 22,370 shares of the company’s stock, valued at approximately $844,467.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Raleigh Capital Management Inc. bought a new position in shares of Range Resources in the 3rd quarter valued at about $26,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Range Resources by 333.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after acquiring an additional 666 shares during the period. Cary Street Partners Investment Advisory LLC bought a new position in shares of Range Resources in the 3rd quarter valued at about $27,000. Larson Financial Group LLC grew its position in shares of Range Resources by 267.9% in the 3rd quarter. Larson Financial Group LLC now owns 1,236 shares of the oil and gas exploration company’s stock valued at $40,000 after acquiring an additional 900 shares during the period. Finally, Fifth Third Bancorp grew its position in shares of Range Resources by 57.7% in the 3rd quarter. Fifth Third Bancorp now owns 1,339 shares of the oil and gas exploration company’s stock valued at $43,000 after acquiring an additional 490 shares during the period. Institutional investors own 98.93% of the company’s stock.

Range Resources Company Profile

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.