Range Resources (NYSE:RRC) Price Target Lowered to $30.00 at Piper Sandler

Range Resources (NYSE:RRC) had its target price dropped by research analysts at Piper Sandler from $31.00 to $30.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s price target would indicate a potential downside of 12.89% from the company’s previous close.

A number of other brokerages also recently issued reports on RRC. JPMorgan Chase & Co. dropped their price target on Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research report on Thursday, September 12th. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and dropped their target price for the stock from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Wells Fargo & Company dropped their target price on Range Resources from $39.00 to $38.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Morgan Stanley dropped their target price on Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a research report on Monday, September 16th. Finally, UBS Group dropped their target price on Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research report on Wednesday, September 18th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, Range Resources presently has an average rating of “Hold” and a consensus target price of $34.94.

Range Resources Price Performance

RRC stock traded up $1.00 during mid-day trading on Monday, reaching $34.44. 422,162 shares of the company traded hands, compared to its average volume of 2,344,052. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $8.31 billion, a P/E ratio of 17.39 and a beta of 1.80. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33. The company has a fifty day moving average price of $30.97 and a 200-day moving average price of $32.58.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. The firm had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the company posted $0.43 EPS. As a group, analysts anticipate that Range Resources will post 1.89 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Brooklyn Investment Group bought a new position in shares of Range Resources during the third quarter valued at $25,000. Blue Trust Inc. lifted its holdings in Range Resources by 107.8% in the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after acquiring an additional 705 shares during the period. Bogart Wealth LLC bought a new position in Range Resources in the third quarter valued at about $49,000. Fifth Third Bancorp lifted its holdings in Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after acquiring an additional 299 shares during the period. Finally, Perkins Coie Trust Co bought a new position in Range Resources in the second quarter valued at about $67,000. 98.93% of the stock is owned by institutional investors.

About Range Resources

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.