Range Resources (NYSE:RRC) Given New $51.00 Price Target at Truist Financial

Range Resources (NYSE:RRC) had its price objective increased by equities research analysts at Truist Financial from $43.00 to $51.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “hold” rating on the oil and gas exploration company’s stock. Truist Financial‘s target price suggests a potential downside of 6.91% from the stock’s current price.

Several other analysts also recently issued reports on RRC. Morgan Stanley set a $54.00 price objective on shares of Range Resources in a research report on Tuesday, October 27th. Wells Fargo & Company reduced their target price on shares of Range Resources from $46.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 23rd. Zacks Research upgraded shares of Range Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 19th. The Goldman Sachs Group restated a “neutral” rating and issued a $37.00 target price on shares of Range Resources in a research note on Tuesday, October 20th. Finally, Scotiabank assumed coverage on shares of Range Resources in a report on Wednesday, October 14th. They set a “sector perform” rating and a $42.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eighteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $46.22.

Range Resources Stock Up 0.3%

Shares of RRC stock traded up $0.16 during trading hours on Monday, reaching $54.79. The company had a trading volume of 746,130 shares, compared to its average volume of 3,352,839. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 0.74. Range Resources has a twelve month low of $32.68 and a twelve month high of $56.90. The company has a market capitalization of $12.80 billion, a P/E ratio of 14.52 and a beta of 0.71. The stock’s fifty day simple moving average is $42.18 and its 200 day simple moving average is $40.32.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.75 by $0.06. The firm had revenue of $842.83 million for the quarter, compared to analyst estimates of $795.19 million. Range Resources had a return on equity of 19.15% and a net margin of 25.25%. Range Resources’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. As a group, sell-side analysts expect that Range Resources will post 3.82 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the transaction, the director owned 13,421 shares of the company’s stock, valued at approximately $536,840. This trade represents a 20.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.10% of the company’s stock.

Institutional Trading of Range Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Covestor Ltd raised its position in shares of Range Resources by 43.4% during the 3rd quarter. Covestor Ltd now owns 2,026 shares of the oil and gas exploration company’s stock valued at $75,000 after acquiring an additional 613 shares in the last quarter. McAlvany Wealth Management LLC raised its stake in Range Resources by 1.2% during the third quarter. McAlvany Wealth Management LLC now owns 152,171 shares of the oil and gas exploration company’s stock worth $5,636,000 after acquiring an additional 1,814 shares during the period. Accordant Advisory Group Inc raised its stake in Range Resources by 38.1% during the third quarter. Accordant Advisory Group Inc now owns 60,512 shares of the oil and gas exploration company’s stock worth $2,241,000 after acquiring an additional 16,692 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Range Resources during the third quarter worth about $84,000. Finally, Choreo LLC lifted its holdings in Range Resources by 2.5% in the third quarter. Choreo LLC now owns 7,614 shares of the oil and gas exploration company’s stock worth $282,000 after acquiring an additional 184 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

Range Resources Company Profile

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company’s activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.