Piper Sandler Has Lowered Expectations for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its price target cut by equities research analysts at Piper Sandler from $31.00 to $30.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s price objective would suggest a potential downside of 12.64% from the stock’s current price.

A number of other brokerages have also recently weighed in on RRC. Royal Bank of Canada reissued a “sector perform” rating and set a $39.00 price objective on shares of Range Resources in a research note on Thursday, July 25th. Mizuho dropped their price target on Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Wells Fargo & Company reduced their price objective on Range Resources from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Friday, October 25th. The Goldman Sachs Group dropped their price objective on Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Finally, Bank of America initiated coverage on shares of Range Resources in a report on Monday, October 28th. They issued a “neutral” rating and a $34.00 target price on the stock. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Range Resources presently has an average rating of “Hold” and an average target price of $34.94.

Range Resources Stock Performance

NYSE RRC opened at $34.34 on Monday. The business has a 50 day moving average price of $31.23 and a 200 day moving average price of $32.57. 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 company has a market capitalization of $8.29 billion, a P/E ratio of 17.34 and a beta of 1.80. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33.

Range Resources (NYSE:RRC) last released its quarterly 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 business had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. During the same quarter in the previous year, the company posted $0.43 EPS. The business’s revenue was up .9% on a year-over-year basis. Sell-side analysts expect that Range Resources will post 1.89 EPS for the current fiscal year.

Insider Activity at Range Resources

In related news, Director Charles G. Griffie acquired 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, with a total value of $40,111.50. Following the completion of the transaction, the director now directly owns 5,921 shares of the company’s stock, valued at $186,274.66. This trade represents a 27.44 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the transaction, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. This represents a 56.77 % decrease in their position. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

Institutional Trading of Range Resources

Several large investors have recently bought and sold shares of the company. Brooklyn Investment Group purchased a new position in shares of Range Resources in the third quarter valued at $25,000. Blue Trust Inc. boosted its position in Range Resources by 107.8% in the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after buying an additional 705 shares during the last quarter. Bogart Wealth LLC acquired a new stake in shares of Range Resources during the third quarter valued at about $49,000. Fifth Third Bancorp increased its position in shares of Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after acquiring an additional 299 shares during the last quarter. Finally, Perkins Coie Trust Co acquired a new position in shares of Range Resources in the second quarter worth about $67,000. 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.