Range Resources (NYSE:RRC) Shares Gap Up to $23.06

Shares of Range Resources Co. (NYSE:RRC) gapped up prior to trading on Thursday . The stock had previously closed at $23.06, but opened at $23.90. Range Resources shares last traded at $23.64, with a volume of 35,326 shares.

Several research analysts recently commented on the company. MKM Partners raised Range Resources from a “neutral” rating to a “buy” rating and raised their target price for the stock from $15.00 to $20.00 in a research report on Thursday, July 8th. Credit Suisse Group raised Range Resources from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $8.00 to $16.00 in a research report on Monday, July 19th. Northland Securities raised their target price on Range Resources from $23.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, September 30th. JPMorgan Chase & Co. raised Range Resources from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $15.00 to $20.00 in a research report on Wednesday, September 15th. Finally, Morgan Stanley raised their target price on Range Resources from $15.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 6th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $17.48.

The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of -7.58, a price-to-earnings-growth ratio of 0.52 and a beta of 2.68. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.37 and a quick ratio of 0.37. The stock has a 50 day moving average price of $17.82 and a two-hundred day moving average price of $14.88.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Sunday, July 25th. The oil and gas exploration company reported $0.24 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.24. The firm had revenue of $434.72 million during the quarter, compared to analyst estimates of $569.86 million. Range Resources had a positive return on equity of 7.71% and a negative net margin of 39.35%. During the same period last year, the company earned ($0.10) earnings per share. Sell-side analysts forecast that Range Resources Co. will post 1.57 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in RRC. FMR LLC acquired a new stake in Range Resources in the second quarter worth about $341,298,000. Goldman Sachs Group Inc. increased its position in Range Resources by 79.9% in the second quarter. Goldman Sachs Group Inc. now owns 4,877,965 shares of the oil and gas exploration company’s stock worth $81,755,000 after purchasing an additional 2,166,302 shares during the period. Neuberger Berman Group LLC increased its position in Range Resources by 75.8% in the first quarter. Neuberger Berman Group LLC now owns 2,824,804 shares of the oil and gas exploration company’s stock worth $29,167,000 after purchasing an additional 1,217,750 shares during the period. Arctis Global LLC increased its position in Range Resources by 195.4% in the first quarter. Arctis Global LLC now owns 1,677,382 shares of the oil and gas exploration company’s stock worth $17,327,000 after purchasing an additional 1,109,550 shares during the period. Finally, Citigroup Inc. increased its position in Range Resources by 571.5% in the first quarter. Citigroup Inc. now owns 1,223,930 shares of the oil and gas exploration company’s stock worth $12,643,000 after purchasing an additional 1,041,651 shares during the period. Hedge funds and other institutional investors own 92.72% of the company’s stock.

About Range Resources (NYSE:RRC)

Range Resources Corp. engages in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions. The company was founded in 1976 and is headquartered in Fort Worth, TX.

See Also: Hold Rating

Receive News & Ratings for Range Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Range Resources and related companies with MarketBeat.com's FREE daily email newsletter.