Stephens Forecasts Strong Price Appreciation for Range Resources (NYSE:RRC) Stock

Range Resources (NYSE:RRC) had its price objective increased by equities research analysts at Stephens from $39.00 to $43.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the oil and gas exploration company’s stock. Stephens’ target price indicates a potential upside of 14.45% from the company’s previous close.

Several other brokerages also recently weighed in on RRC. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and dropped their price objective for the stock from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Wolfe Research raised Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, January 3rd. Citigroup boosted their target price on Range Resources from $33.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Benchmark reissued a “hold” rating on shares of Range Resources in a research note on Friday, January 17th. Finally, Mizuho increased their target price on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $37.67.

Range Resources Price Performance

Shares of RRC traded up $0.17 during trading hours on Wednesday, hitting $37.57. 159,734 shares of the company were exchanged, compared to its average volume of 2,732,003. The company has a market cap of $9.07 billion, a price-to-earnings ratio of 18.97 and a beta of 1.81. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $41.95. 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’s fifty day moving average is $36.42 and its 200 day moving average is $32.85.

Hedge Funds Weigh In On Range Resources

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in shares of Range Resources by 61.9% in the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after buying an additional 604,199 shares during the period. HITE Hedge Asset Management LLC acquired a new stake in Range Resources in the third quarter valued at approximately $11,508,000. Charles Schwab Investment Management Inc. raised its position in shares of Range Resources by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company’s stock valued at $62,065,000 after purchasing an additional 92,217 shares during the period. Radnor Capital Management LLC raised its position in shares of Range Resources by 156.2% in the fourth quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock valued at $1,547,000 after purchasing an additional 26,213 shares during the period. Finally, Aptus Capital Advisors LLC raised its position in shares of Range Resources by 135.5% in the third quarter. Aptus Capital Advisors LLC now owns 112,008 shares of the oil and gas exploration company’s stock valued at $3,445,000 after purchasing an additional 64,443 shares during the period. Institutional investors and hedge funds 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.