Piper Sandler Increases Range Resources (NYSE:RRC) Price Target to $43.00

Range Resources (NYSE:RRC) had its price objective upped by equities research analysts at Piper Sandler from $41.00 to $43.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the oil and gas exploration company’s stock. Piper Sandler’s target price suggests a potential upside of 24.46% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. Barclays assumed coverage on Range Resources in a research note on Wednesday, April 10th. They issued an “underweight” rating and a $35.00 target price on the stock. Raymond James cut their target price on Range Resources from $37.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. StockNews.com raised Range Resources to a “sell” rating in a research note on Wednesday, March 13th. Citigroup raised their target price on Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 3rd. Finally, Truist Financial cut their target price on Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $36.75.

Range Resources Stock Down 3.8 %

Shares of NYSE:RRC opened at $34.55 on Tuesday. The stock’s 50-day moving average price is $34.04 and its 200-day moving average price is $32.42. Range Resources has a 12-month low of $23.92 and a 12-month high of $38.25. The stock has a market capitalization of $8.38 billion, a P/E ratio of 17.54 and a beta of 1.83. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.46.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The firm had revenue of $718.20 million for the quarter, compared to analysts’ expectations of $680.72 million. During the same period last year, the firm earned $0.96 earnings per share. The company’s revenue for the quarter was down 15.7% compared to the same quarter last year. On average, equities analysts anticipate that Range Resources will post 2 earnings per share for the current year.

Insider Activity

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 transaction, the vice president now directly owns 22,370 shares in the company, valued at $844,467.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Several large investors have recently made changes to their positions in the business. Glenorchy Capital Ltd purchased a new position in Range Resources in the 4th quarter worth approximately $1,799,000. Cary Street Partners Investment Advisory LLC purchased a new position in Range Resources in the 3rd quarter worth approximately $27,000. Schroder Investment Management Group raised its holdings in Range Resources by 23.7% in the 3rd quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock worth $14,803,000 after acquiring an additional 87,624 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in Range Resources in the 3rd quarter worth approximately $19,704,000. Finally, Kennedy Capital Management LLC raised its holdings in Range Resources by 17.7% in the 3rd quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock worth $7,278,000 after acquiring an additional 33,793 shares during the last quarter. 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.