Royal Bank of Canada Reiterates “Sector Perform” Rating for Range Resources (NYSE:RRC)

Range Resources (NYSE:RRC)‘s stock had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They currently have a $40.00 price target on the oil and gas exploration company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 2.22% from the stock’s current price.

A number of other equities research analysts have also weighed in on RRC. Truist Financial boosted their target price on shares of Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a report on Monday. Citigroup boosted their price objective on shares of Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Barclays raised Range Resources from an “underweight” rating to an “equal weight” rating and lowered their target price for the stock from $35.00 to $34.00 in a research report on Wednesday, October 2nd. StockNews.com upgraded Range Resources to a “sell” rating in a research report on Wednesday, November 27th. Finally, Mizuho lifted their price objective on Range Resources from $40.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Range Resources has a consensus rating of “Hold” and an average target price of $37.16.

Range Resources Price Performance

Shares of NYSE:RRC traded up $0.64 during trading on Tuesday, hitting $39.13. 689,245 shares of the company were exchanged, compared to its average volume of 2,636,030. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.54. The company has a market capitalization of $9.44 billion, a P/E ratio of 19.76 and a beta of 1.81. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $34.96 and its 200-day moving average is $32.38.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $617.90 million. During the same quarter in the prior year, the firm earned $0.43 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. Equities analysts forecast that Range Resources will post 1.91 earnings per share for the current year.

Insider Transactions at Range Resources

In related news, Director Charles G. Griffie purchased 1,275 shares of the business’s stock in a transaction on Thursday, October 24th. The stock was acquired at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the purchase, the director now owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Radnor Capital Management LLC grew its stake in shares of Range Resources by 156.2% during the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock worth $1,547,000 after acquiring an additional 26,213 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Range Resources during the fourth quarter valued at about $4,792,000. GAMMA Investing LLC boosted its position in Range Resources by 36.4% during the fourth quarter. GAMMA Investing LLC now owns 4,391 shares of the oil and gas exploration company’s stock worth $158,000 after purchasing an additional 1,172 shares during the period. Versant Capital Management Inc increased its stake in shares of Range Resources by 42.8% in the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock worth $56,000 after purchasing an additional 463 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Range Resources by 61.9% in the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock valued at $48,588,000 after purchasing an additional 604,199 shares during the period. 98.93% of the stock is currently 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.