Range Resources (NYSE:RRC) Given New $46.00 Price Target at Wells Fargo & Company

Range Resources (NYSE:RRC) had its price objective boosted by Wells Fargo & Company from $43.00 to $46.00 in a research note published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the oil and gas exploration company’s stock.

Several other research firms have also recently commented on RRC. Zacks Research cut shares of Range Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Range Resources in a research report on Monday, December 29th. Piper Sandler decreased their price objective on Range Resources from $39.00 to $37.00 and set a “neutral” rating for the company in a report on Tuesday, November 18th. TD Cowen upgraded Range Resources to a “hold” rating in a research report on Monday, February 9th. Finally, Citigroup reduced their price target on Range Resources from $39.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $41.29.

Range Resources Price Performance

Shares of NYSE RRC opened at $39.10 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.56. The firm has a market capitalization of $9.20 billion, a PE ratio of 14.27, a P/E/G ratio of 0.36 and a beta of 0.58. Range Resources has a 1-year low of $30.32 and a 1-year high of $43.50. The business’s fifty day moving average price is $36.00 and its two-hundred day moving average price is $36.29.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.69 by $0.13. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The business had revenue of $786.89 million during the quarter, compared to analyst estimates of $770.92 million. During the same quarter in the prior year, the firm earned $0.68 earnings per share. The company’s quarterly revenue was up 30.9% on a year-over-year basis. On average, research analysts expect that Range Resources will post 2.02 EPS for the current year.

Institutional Investors Weigh In On Range Resources

Institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in shares of Range Resources by 1.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock valued at $975,311,000 after purchasing an additional 326,748 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Range Resources by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock valued at $901,021,000 after buying an additional 701,751 shares during the period. Boston Partners boosted its stake in Range Resources by 14.0% during the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after buying an additional 1,650,258 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Range Resources by 8.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company’s stock worth $316,123,000 after acquiring an additional 673,827 shares during the period. Finally, Lingotto Investment Management LLP grew its holdings in Range Resources by 2.0% during the second quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock worth $291,263,000 after acquiring an additional 138,877 shares during the period. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.