Mizuho Cuts Range Resources (NYSE:RRC) Price Target to $40.00

Range Resources (NYSE:RRC) had its price objective reduced by Mizuho from $45.00 to $40.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas exploration company’s stock. Mizuho’s price target points to a potential upside of 26.50% from the company’s previous close.

RRC has been the topic of a number of other reports. UBS Group decreased their price target on Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a report on Wednesday, September 18th. Wolfe Research started coverage on shares of Range Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $39.00 price target on shares of Range Resources in a report on Thursday, July 25th. Scotiabank raised shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price objective for the company in a report on Tuesday, August 20th. Finally, Jefferies Financial Group boosted their target price on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $35.22.

Range Resources Stock Down 1.6 %

RRC opened at $31.62 on Wednesday. The firm’s 50 day simple moving average is $30.06 and its two-hundred day simple moving average is $33.39. The company has a market capitalization of $7.67 billion, a PE ratio of 16.05 and a beta of 1.80. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.27 earnings per share. As a group, equities analysts forecast that Range Resources will post 1.87 EPS for the current year.

Insider Buying and Selling

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the transaction, the vice president now directly owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bridgewater Associates LP boosted its position in Range Resources by 39.1% in the 4th quarter. Bridgewater Associates LP now owns 528,042 shares of the oil and gas exploration company’s stock worth $16,074,000 after purchasing an additional 148,550 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in Range Resources during the fourth quarter worth $673,000. RMB Capital Management LLC grew its position in Range Resources by 14.4% during the fourth quarter. RMB Capital Management LLC now owns 364,836 shares of the oil and gas exploration company’s stock valued at $11,106,000 after buying an additional 45,816 shares during the period. Goehring & Rozencwajg Associates LLC boosted its stake in shares of Range Resources by 3.4% during the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 1,221,057 shares of the oil and gas exploration company’s stock worth $37,169,000 after acquiring an additional 39,995 shares in the last quarter. Finally, DRW Securities LLC grew its position in shares of Range Resources by 150.0% during the 4th quarter. DRW Securities LLC now owns 50,000 shares of the oil and gas exploration company’s stock valued at $1,522,000 after acquiring an additional 30,000 shares during the period. 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.