Piper Sandler Forecasts Strong Price Appreciation for Range Resources (NYSE:RRC) Stock

Range Resources (NYSE:RRC) had its target price lifted by investment analysts at Piper Sandler from $32.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s price objective indicates a potential downside of 6.44% from the company’s previous close.

RRC has been the topic of a number of other reports. The Goldman Sachs Group raised their price objective on Range Resources from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. UBS Group raised their price objective on Range Resources from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Bank of America raised Range Resources from a “neutral” rating to a “buy” rating and raised their price objective for the company from $34.00 to $45.00 in a research note on Monday, January 13th. Citigroup raised their price objective on Range Resources from $33.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $40.00 price objective on shares of Range Resources in a research note on Tuesday, January 14th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average target price of $39.06.

Range Resources Trading Down 0.3 %

NYSE RRC opened at $35.27 on Thursday. The stock’s 50-day simple moving average is $38.16 and its two-hundred day simple moving average is $34.11. Range Resources has a twelve month low of $27.29 and a twelve month high of $41.95. 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 company has a market capitalization of $8.51 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 5.11 and a beta of 1.77.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.13. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business had revenue of $626.42 million for the quarter, compared to the consensus estimate of $676.53 million. During the same quarter last year, the business posted $0.63 earnings per share. Research analysts forecast that Range Resources will post 2.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Range Resources

Large investors have recently made changes to their positions in the business. Brooklyn Investment Group purchased a new position in shares of Range Resources during the third quarter valued at approximately $25,000. Smartleaf Asset Management LLC lifted its holdings in shares of Range Resources by 87.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock valued at $37,000 after purchasing an additional 471 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Range Resources by 59.0% during the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after purchasing an additional 426 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Range Resources during the fourth quarter valued at approximately $42,000. Finally, Geneos Wealth Management Inc. purchased a new position in Range Resources in the 4th quarter worth approximately $46,000. 98.93% of the stock is currently 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.