Benchmark Reiterates “Hold” Rating for Range Resources (NYSE:RRC)

Range Resources (NYSE:RRC)‘s stock had its “hold” rating reiterated by investment analysts at Benchmark in a research note issued to investors on Wednesday, Benzinga reports.

A number of other brokerages have also recently commented on RRC. StockNews.com upgraded Range Resources to a “sell” rating in a report on Wednesday, March 13th. Piper Sandler increased their target price on Range Resources from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Scotiabank cut Range Resources from a “sector outperform” rating to a “sector perform” rating and increased their target price for the company from $40.00 to $45.00 in a report on Thursday, April 11th. Morgan Stanley increased their price target on Range Resources from $23.00 to $33.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 17th. Finally, Barclays started coverage on Range Resources in a research note on Wednesday, April 10th. They set an “underweight” rating and a $35.00 price target on the stock. Five research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Range Resources presently has an average rating of “Hold” and an average price target of $36.40.

Range Resources Price Performance

NYSE:RRC traded up $1.18 during trading hours on Wednesday, reaching $37.76. 1,543,617 shares of the company traded hands, compared to its average volume of 2,526,863. The firm’s 50-day moving average is $33.34 and its 200-day moving average is $32.33. The stock has a market cap of $9.14 billion, a P/E ratio of 10.50 and a beta of 1.83. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.49 and a quick ratio of 1.49. Range Resources has a 1-year low of $23.92 and a 1-year high of $37.88.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. The firm had revenue of $718.20 million for the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a return on equity of 15.87% and a net margin of 25.82%. Range Resources’s quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 EPS. Equities research analysts expect that Range Resources will post 1.9 earnings per share for the current fiscal year.

Institutional Trading of Range Resources

Several large investors have recently modified their holdings of the business. Boston Partners grew its stake in shares of Range Resources by 1,858.7% during the fourth quarter. Boston Partners now owns 6,397,521 shares of the oil and gas exploration company’s stock valued at $194,722,000 after acquiring an additional 6,070,900 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Range Resources by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock valued at $180,568,000 after acquiring an additional 90,028 shares in the last quarter. Invesco Ltd. grew its stake in shares of Range Resources by 22.4% during the third quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock valued at $123,049,000 after acquiring an additional 693,970 shares in the last quarter. Kopernik Global Investors LLC grew its stake in shares of Range Resources by 2.7% during the fourth quarter. Kopernik Global Investors LLC now owns 3,106,518 shares of the oil and gas exploration company’s stock valued at $94,562,000 after acquiring an additional 82,095 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Range Resources by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,780,804 shares of the oil and gas exploration company’s stock valued at $54,208,000 after acquiring an additional 64,810 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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.