Range Resources (NYSE:RRC) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Range Resources (NYSE:RRC) had its price target increased by analysts at Wells Fargo & Company from $38.00 to $40.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 21.51% from the stock’s current price.

Other analysts have also issued reports about the stock. UBS Group upgraded shares of Range Resources from a “sell” rating to a “neutral” rating and lifted their target price for the company from $28.00 to $35.00 in a research report on Monday, December 9th. The Goldman Sachs Group decreased their price target on Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Scotiabank raised Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price target for the company in a report on Tuesday, August 20th. Susquehanna decreased their price objective on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Finally, Royal Bank of Canada boosted their price objective on shares of Range Resources from $35.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Monday, November 25th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $36.00.

Range Resources Price Performance

Shares of Range Resources stock opened at $32.92 on Tuesday. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33. The firm has a fifty day simple moving average of $33.06 and a 200-day simple moving average of $32.35. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $7.94 billion, a price-to-earnings ratio of 16.63 and a beta of 1.85.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.32 by $0.16. The company had revenue of $615.03 million for 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 period in the previous year, the business posted $0.43 EPS. On average, sell-side analysts expect that Range Resources will post 1.91 earnings per share for the current year.

Insider Buying and Selling

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the sale, the vice president now owns 9,670 shares in the company, valued at $304,121.50. This represents a 56.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles G. Griffie bought 1,275 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the acquisition, the director now directly owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is owned by company insiders.

Institutional Trading of Range Resources

Several institutional investors have recently added to or reduced their stakes in the business. Brooklyn Investment Group bought a new stake in shares of Range Resources during the 3rd quarter valued at about $25,000. Blue Trust Inc. raised its position in shares of Range Resources by 107.8% in the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 705 shares in the last quarter. Bogart Wealth LLC bought a new stake in shares of Range Resources during the third quarter valued at approximately $49,000. Fifth Third Bancorp grew 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 worth $57,000 after purchasing an additional 299 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of Range Resources during the second quarter valued at approximately $67,000. 98.93% of the stock is currently owned by hedge funds and other 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.