Range Resources (NYSE:RRC) Price Target Increased to $23.00 by Analysts at Morgan Stanley

Range Resources (NYSE:RRC) had its target price upped by analysts at Morgan Stanley from $22.00 to $23.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas exploration company’s stock. Morgan Stanley’s target price suggests a potential downside of 33.39% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company downgraded shares of Range Resources from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $40.00 to $32.00 in a research note on Thursday, December 14th. Susquehanna reiterated a “neutral” rating and issued a $34.00 target price (down previously from $43.00) on shares of Range Resources in a research note on Friday, January 26th. Scotiabank reduced their target price on shares of Range Resources from $43.00 to $40.00 and set a “sector perform” rating for the company in a report on Tuesday, January 16th. Piper Sandler reduced their target price on shares of Range Resources from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, March 7th. Finally, Citigroup reduced their target price on shares of Range Resources from $36.00 to $33.00 and set a “neutral” rating for the company in a report on Monday, December 11th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $34.89.

Range Resources Trading Up 0.5 %

Shares of NYSE RRC traded up $0.18 during midday trading on Thursday, hitting $34.53. 776,429 shares of the company traded hands, compared to its average volume of 2,635,864. Range Resources has a 12-month low of $23.92 and a 12-month high of $37.88. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a 50-day moving average price of $30.94 and a 200 day moving average price of $31.82. The firm has a market cap of $8.36 billion, a P/E ratio of 9.81 and a beta of 1.83.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Wednesday, February 21st. The oil and gas exploration company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.42 by $0.21. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The business had revenue of $941.40 million for the quarter, compared to analyst estimates of $672.25 million. During the same quarter in the previous year, the firm posted $1.26 earnings per share. Range Resources’s quarterly revenue was down 42.3% on a year-over-year basis. As a group, analysts expect that Range Resources will post 1.98 earnings per share for the current year.

Institutional Investors Weigh In On Range Resources

Several institutional investors have recently made changes to their positions in the company. Boston Partners increased its stake in Range Resources by 1,858.7% in the 4th quarter. Boston Partners now owns 6,397,521 shares of the oil and gas exploration company’s stock worth $194,722,000 after buying an additional 6,070,900 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Range Resources by 143.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,897,553 shares of the oil and gas exploration company’s stock worth $103,169,000 after buying an additional 2,296,114 shares during the period. Renaissance Technologies LLC increased its stake in Range Resources by 55.5% in the 1st quarter. Renaissance Technologies LLC now owns 4,007,083 shares of the oil and gas exploration company’s stock worth $106,067,000 after buying an additional 1,429,500 shares during the period. Morgan Stanley increased its stake in Range Resources by 34.0% in the 4th quarter. Morgan Stanley now owns 2,940,913 shares of the oil and gas exploration company’s stock worth $73,582,000 after buying an additional 746,228 shares during the period. Finally, Steadfast Capital Management LP purchased a new position in Range Resources in the 2nd quarter worth about $20,845,000. Institutional investors 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.