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

Range Resources (NYSE:RRC) had its price objective upped by research analysts at Citigroup from $36.00 to $43.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s price target would indicate a potential upside of 1.75% from the company’s current price.

Several other equities analysts also recently weighed in on RRC. Morgan Stanley decreased their target price on Range Resources from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Friday, January 23rd. UBS Group raised their price objective on Range Resources from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Friday, December 12th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $39.00 target price (down from $44.00) on shares of Range Resources in a report on Monday, December 8th. Royal Bank Of Canada decreased their price target on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Finally, TD Cowen upgraded shares of Range Resources to a “hold” rating in a research report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $42.06.

Range Resources Price Performance

RRC traded up $0.71 during midday trading on Thursday, hitting $42.26. 2,401,665 shares of the company traded hands, compared to its average volume of 3,331,857. The business has a 50 day simple moving average of $36.51 and a two-hundred day simple moving average of $36.51. Range Resources has a 52-week low of $30.32 and a 52-week high of $43.50. The company has a market capitalization of $9.95 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 0.38 and a beta of 0.57. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.13. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The firm had revenue of $786.89 million during the quarter, compared to the consensus estimate of $770.92 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The company’s revenue for the quarter was up 30.9% on a year-over-year basis. On average, equities analysts forecast that Range Resources will post 2.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Range Resources

Several institutional investors and hedge funds have recently bought and sold shares of RRC. Hantz Financial Services Inc. lifted its position in Range Resources by 1,464.6% during the 2nd quarter. Hantz Financial Services Inc. now owns 751 shares of the oil and gas exploration company’s stock worth $31,000 after buying an additional 703 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Range Resources in the fourth quarter worth about $34,000. True Wealth Design LLC lifted its position in shares of Range Resources by 116.3% during the third quarter. True Wealth Design LLC now owns 1,006 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 541 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Range Resources by 49.6% during the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 336 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of Range Resources by 196.5% during the second quarter. Allworth Financial LP now owns 1,103 shares of the oil and gas exploration company’s stock valued at $45,000 after purchasing an additional 731 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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.