JPMorgan Chase & Co. Cuts Range Resources (NYSE:RRC) Price Target to $31.00

Range Resources (NYSE:RRC) had its target price reduced by research analysts at JPMorgan Chase & Co. from $37.00 to $31.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the oil and gas exploration company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 6.16% from the stock’s current price.

RRC has been the subject of several other reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $39.00 price objective on shares of Range Resources in a research note on Thursday, July 25th. Piper Sandler cut Range Resources from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $43.00 to $31.00 in a report on Thursday, August 15th. Wells Fargo & Company lowered their target price on Range Resources from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. Susquehanna lowered their target price on Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Finally, Jefferies Financial Group increased their target price on Range Resources from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, July 8th. Four 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $36.68.

Range Resources Price Performance

NYSE RRC traded up $0.07 during mid-day trading on Thursday, hitting $29.20. The stock had a trading volume of 555,597 shares, compared to its average volume of 2,364,036. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 14.79 and a beta of 1.80. The company has a 50 day simple moving average of $31.00 and a 200 day simple moving average of $33.60. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The firm had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. During the same period last year, the business posted $0.27 EPS. Range Resources’s quarterly revenue was up 8.7% on a year-over-year basis. Equities analysts forecast that Range Resources will post 2.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its position in Range Resources by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after purchasing an additional 5,759,883 shares during the period. William Blair Investment Management LLC purchased a new position in Range Resources in the second quarter valued at about $78,223,000. Vanguard Group Inc. raised its position in Range Resources by 4.1% in the first quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after purchasing an additional 959,011 shares during the period. Herr Investment Group LLC raised its position in Range Resources by 4,594.4% in the first quarter. Herr Investment Group LLC now owns 497,611 shares of the oil and gas exploration company’s stock valued at $17,133,000 after purchasing an additional 487,011 shares during the period. Finally, TD Asset Management Inc raised its position in Range Resources by 177.7% in the fourth quarter. TD Asset Management Inc now owns 692,722 shares of the oil and gas exploration company’s stock valued at $21,086,000 after purchasing an additional 443,298 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

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.