Range Resources (NYSE:RRC) Downgraded by Royal Bank of Canada to “Sector Perform”

Range Resources (NYSE:RRC) was downgraded by research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Friday, Marketbeat Ratings reports. They presently have a $39.00 price objective on the oil and gas exploration company’s stock, up from their previous price objective of $36.00. Royal Bank of Canada’s target price indicates a potential upside of 3.48% from the company’s current price.

Several other research firms have also recently issued reports on RRC. Truist Financial lowered their price objective on Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a research report on Friday, April 5th. Raymond James reduced their price objective on Range Resources from $37.00 to $36.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Piper Sandler raised their price target on shares of Range Resources from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Scotiabank cut shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and boosted their price objective for the company from $40.00 to $45.00 in a report on Thursday, April 11th. Finally, Morgan Stanley boosted their target price on shares of Range Resources from $23.00 to $33.00 and gave the company an “underweight” rating in a research note on Wednesday, April 17th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $36.55.

Range Resources Trading Down 0.2 %

NYSE RRC opened at $37.69 on Friday. The stock’s fifty day moving average price is $33.67 and its 200-day moving average price is $32.40. The company has a current ratio of 1.35, a quick ratio of 1.49 and a debt-to-equity ratio of 0.46. The stock has a market cap of $9.14 billion, a P/E ratio of 19.13 and a beta of 1.83. Range Resources has a 12 month low of $23.92 and a 12 month high of $38.25.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to the consensus estimate of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. Range Resources’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.96 EPS. As a group, equities analysts forecast that Range Resources will post 2 EPS for the current fiscal year.

Insider Activity at Range Resources

In other news, VP Ashley Kavanaugh sold 15,978 shares of Range Resources stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the completion of the sale, the vice president now owns 22,370 shares of the company’s stock, valued at $844,467.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.57% of the stock is owned by insiders.

Institutional Trading of Range Resources

A number of hedge funds have recently added to or reduced their stakes in RRC. Cary Street Partners Investment Advisory LLC purchased a new position in shares of Range Resources in the 3rd quarter valued at $27,000. Schroder Investment Management Group raised its stake in shares of Range Resources by 23.7% in the third quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock worth $14,803,000 after purchasing an additional 87,624 shares during the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of Range Resources by 17.7% during the third quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock worth $7,278,000 after purchasing an additional 33,793 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in Range Resources in the 3rd quarter worth approximately $19,704,000. Finally, Cambria Investment Management L.P. raised its position in Range Resources by 8.5% during the 3rd quarter. Cambria Investment Management L.P. now owns 264,965 shares of the oil and gas exploration company’s stock worth $8,588,000 after buying an additional 20,685 shares during the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.