Mizuho Issues Positive Forecast for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its price target boosted by stock analysts at Mizuho from $40.00 to $47.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas exploration company’s stock. Mizuho’s price target would suggest a potential upside of 35.37% from the stock’s current price.

RRC has been the subject of a number of other reports. Citigroup increased their target price on Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Scotiabank raised shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 target price for the company in a research note on Tuesday, August 20th. Stephens upped their target price on shares of Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Morgan Stanley reduced their price objective on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a research note on Monday, September 16th. Finally, Bank of America started coverage on shares of Range Resources in a report on Monday, October 28th. They issued a “neutral” rating and a $34.00 target price on the stock. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.89.

Range Resources Stock Performance

RRC stock traded down $0.63 during trading on Monday, reaching $34.72. 384,126 shares of the company’s stock were exchanged, compared to its average volume of 2,322,093. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm has a market cap of $8.38 billion, a PE ratio of 17.54 and a beta of 1.85. The company’s fifty day moving average price is $32.92 and its 200-day moving average price is $32.38. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.16. The firm had revenue of $615.03 million for the quarter, compared to analyst estimates of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. Range Resources’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 earnings per share. On average, research analysts expect that Range Resources will post 1.91 EPS for the current fiscal year.

Insider Buying and Selling at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the sale, the vice president now directly owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. The trade was a 56.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was acquired at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the purchase, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Institutional investors have recently bought and sold shares of the business. Brooklyn Investment Group acquired a new stake in Range Resources during the 3rd quarter worth $25,000. Blue Trust Inc. increased its stake in Range Resources by 107.8% during the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 705 shares during the period. Bogart Wealth LLC purchased a new stake in Range Resources during the third quarter worth about $49,000. Fifth Third Bancorp increased its stake in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after purchasing an additional 299 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Range Resources during the second quarter worth about $67,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.