Jefferies Financial Group Increases Range Resources (NYSE:RRC) Price Target to $34.00

Range Resources (NYSE:RRC) had its price objective increased by equities researchers at Jefferies Financial Group from $32.00 to $34.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the oil and gas exploration company’s stock. Jefferies Financial Group’s target price points to a potential downside of 4.79% from the stock’s previous close.

Several other equities analysts have also commented on RRC. Piper Sandler upped their price objective on shares of Range Resources from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday. Benchmark restated a “hold” rating on shares of Range Resources in a research note on Wednesday, April 24th. Truist Financial dropped their price objective on Range Resources from $32.00 to $30.00 and set a “hold” rating for the company in a research note on Friday, April 5th. Citigroup increased 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, Scotiabank downgraded Range Resources from a “sector outperform” rating to a “sector perform” rating and lifted their target price for the company from $40.00 to $45.00 in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $36.62.

Range Resources Stock Performance

NYSE:RRC opened at $35.71 on Thursday. The company’s 50-day moving average is $34.23 and its two-hundred day moving average is $32.46. The firm has a market capitalization of $8.66 billion, a price-to-earnings ratio of 18.13 and a beta of 1.85. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.35. Range Resources has a 1-year low of $23.92 and a 1-year high of $38.25.

Range Resources (NYSE:RRC) last released its quarterly earnings data 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 13.30% and a net margin of 17.00%. The firm’s quarterly revenue was down 15.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.96 earnings per share. Analysts forecast that Range Resources will post 2 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Boston Partners boosted its stake in Range Resources by 1,858.7% in 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. Invesco Ltd. increased its position in 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 worth $123,049,000 after buying an additional 693,970 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new stake in Range Resources in the third quarter valued at approximately $19,704,000. Lord Abbett & CO. LLC lifted its stake in Range Resources by 66.6% in the third quarter. Lord Abbett & CO. LLC now owns 1,463,000 shares of the oil and gas exploration company’s stock valued at $47,416,000 after buying an additional 585,000 shares during the last quarter. Finally, Canoe Financial LP boosted its holdings in shares of Range Resources by 86.5% in the third quarter. Canoe Financial LP now owns 1,195,400 shares of the oil and gas exploration company’s stock valued at $38,743,000 after acquiring an additional 554,400 shares during the period. 98.93% of the stock is 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.