Range Resources (NYSE:RRC) Stock Price Expected to Rise, Citigroup Analyst Says

Range Resources (NYSE:RRC) had its price objective hoisted by equities research analysts at Citigroup from $33.00 to $38.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s price target indicates a potential upside of 12.59% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Bank of America began coverage on shares of Range Resources in a report on Monday, October 28th. They issued a “neutral” rating and a $34.00 price objective for the company. Mizuho dropped their price target on shares of Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. The Goldman Sachs Group cut their price target on shares of Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and decreased their price objective for the company from $35.00 to $34.00 in a report on Wednesday, October 2nd. Finally, StockNews.com raised Range Resources to a “sell” rating in a research note on Wednesday, November 27th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $35.06.

Range Resources Trading Down 2.2 %

RRC opened at $33.75 on Friday. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 17.05 and a beta of 1.85. The company’s 50 day simple moving average is $32.57 and its two-hundred day simple moving average is $32.44. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33. 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 (NYSE:RRC) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The firm had revenue of $615.03 million for the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 earnings per share. Analysts expect that Range Resources will post 1.9 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the transaction, the vice president now owns 9,670 shares in the company, valued at $304,121.50. The trade was a 56.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles G. Griffie acquired 1,275 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was purchased 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 approximately $186,274.66. The trade was a 27.44 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

Institutional investors have recently modified their holdings of the company. Brooklyn Investment Group acquired a new stake in Range Resources in the third quarter valued at $25,000. Blue Trust Inc. raised its position in shares of Range Resources by 107.8% during the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 705 shares in the last quarter. Bogart Wealth LLC purchased a new stake in Range Resources during the third quarter worth approximately $49,000. Fifth Third Bancorp boosted its holdings in Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares in the last quarter. Finally, Perkins Coie Trust Co purchased a new position in Range Resources in the second quarter valued at approximately $67,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.