Citigroup Cuts Range Resources (NYSE:RRC) Price Target to $36.00

Range Resources (NYSE:RRC) had its target price dropped by investment analysts at Citigroup from $39.00 to $36.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s target price points to a potential upside of 6.97% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Susquehanna cut their price target on Range Resources to $39.00 and set a “neutral” rating for the company in a research note on Monday, October 20th. Zacks Research raised shares of Range Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, November 14th. Raymond James Financial decreased their target price on shares of Range Resources from $45.00 to $41.00 and set an “outperform” rating for the company in a research report on Friday, September 19th. Piper Sandler dropped their price target on shares of Range Resources from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 18th. Finally, UBS Group lifted their price objective on shares of Range Resources from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $41.95.

Range Resources Stock Performance

Shares of NYSE RRC traded up $0.21 during mid-day trading on Monday, hitting $33.66. The company had a trading volume of 3,541,265 shares, compared to its average volume of 3,217,073. Range Resources has a 12 month low of $30.32 and a 12 month high of $43.50. The stock has a market cap of $7.97 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 0.22 and a beta of 0.51. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.56 and a quick ratio of 0.56. The firm’s 50 day simple moving average is $36.86 and its two-hundred day simple moving average is $36.48.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, October 28th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.03. The business had revenue of $655.30 million during the quarter, compared to analysts’ expectations of $721.22 million. Range Resources had a net margin of 19.64% and a return on equity of 15.99%. The business’s revenue was up 21.7% on a year-over-year basis. During the same period last year, the firm posted $0.48 earnings per share. As a group, equities research analysts forecast that Range Resources will post 2.02 earnings per share for the current year.

Hedge Funds Weigh In On Range Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in Range Resources by 4.7% during the second quarter. GAMMA Investing LLC now owns 6,013 shares of the oil and gas exploration company’s stock worth $245,000 after acquiring an additional 270 shares in the last quarter. Profund Advisors LLC lifted its holdings in shares of Range Resources by 5.5% during the 3rd quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company’s stock valued at $204,000 after purchasing an additional 282 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Range Resources by 0.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 73,294 shares of the oil and gas exploration company’s stock valued at $2,981,000 after purchasing an additional 299 shares during the period. Pinnacle Associates Ltd. grew its position in shares of Range Resources by 2.5% in the 3rd quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company’s stock valued at $471,000 after purchasing an additional 302 shares during the period. Finally, ProShare Advisors LLC increased its stake in Range Resources by 3.1% during the 2nd quarter. ProShare Advisors LLC now owns 10,596 shares of the oil and gas exploration company’s stock worth $431,000 after purchasing an additional 315 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.