Range Resources (NYSE:RRC) Given New $40.00 Price Target at Royal Bank of Canada

Range Resources (NYSE:RRC) had its price objective hoisted by investment analysts at Royal Bank of Canada from $35.00 to $40.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “sector perform” rating on the oil and gas exploration company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 9.59% from the stock’s previous close.

RRC has been the topic of a number of other reports. Stephens upped their target price on shares of Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. cut their price objective on Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research report on Thursday, September 12th. UBS Group decreased their target price on Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a report on Wednesday, September 18th. Susquehanna cut their price target on Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Finally, The Goldman Sachs Group decreased their price objective on shares of Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $35.00.

Range Resources Stock Up 2.2 %

RRC stock traded up $0.78 during mid-day trading on Monday, reaching $36.50. The company had a trading volume of 409,218 shares, compared to its average volume of 2,344,018. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33. The company has a market capitalization of $8.81 billion, a price-to-earnings ratio of 18.43 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a 50 day simple moving average of $31.61 and a two-hundred day simple moving average of $32.53.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm’s revenue was up .9% on a year-over-year basis. During the same period last year, the business earned $0.43 earnings per share. As a group, equities analysts predict that Range Resources will post 1.88 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now directly owns 9,670 shares in the company, valued at $304,121.50. This represents a 56.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles G. Griffie bought 1,275 shares of the business’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 acquisition, the director now directly owns 5,921 shares in the company, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. 2.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. O Shaughnessy Asset Management LLC bought a new position in Range Resources during the first quarter worth $220,000. Hancock Whitney Corp bought a new position in shares of Range Resources in the 1st quarter worth about $232,000. Cetera Investment Advisers lifted its stake in shares of Range Resources by 906.5% in the 1st quarter. Cetera Investment Advisers now owns 89,940 shares of the oil and gas exploration company’s stock valued at $3,097,000 after purchasing an additional 81,004 shares during the period. Cetera Advisors LLC lifted its stake in shares of Range Resources by 4.4% in the 1st quarter. Cetera Advisors LLC now owns 15,720 shares of the oil and gas exploration company’s stock valued at $541,000 after purchasing an additional 665 shares during the period. Finally, Boston Partners grew its stake in Range Resources by 2.1% during the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock worth $224,912,000 after purchasing an additional 133,565 shares during the period. Institutional investors and hedge funds 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.