Range Resources (NYSE:RRC) Price Target Raised to $40.00 at Royal Bank of Canada

Range Resources (NYSE:RRC) had its target price boosted by equities researchers at Royal Bank of Canada from $35.00 to $40.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the oil and gas exploration company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 9.59% from the company’s current price.

A number of other equities research analysts have also recently issued reports on RRC. Stephens upped their target price on Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group lowered their target price on shares of Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Bank of America initiated coverage on shares of Range Resources in a report on Monday, October 28th. They issued a “neutral” rating and a $34.00 target price on the stock. UBS Group decreased their price target on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a report on Wednesday, September 18th. Finally, StockNews.com upgraded Range Resources to a “sell” rating in a research note on Tuesday, November 12th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Range Resources has an average rating of “Hold” and an average price target of $35.00.

Range Resources Stock Up 2.2 %

RRC stock traded up $0.78 during trading hours on Monday, hitting $36.50. The company’s stock had a trading volume of 409,218 shares, compared to its average volume of 2,344,018. The stock has a 50 day moving average price of $31.61 and a two-hundred day moving average price of $32.53. Range Resources has a 12 month low of $27.29 and a 12 month high of $39.33. The company has a market capitalization of $8.81 billion, a PE ratio of 18.43 and a beta of 1.80. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. During the same period in the prior year, the company posted $0.43 earnings per share. Range Resources’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts expect that Range Resources will post 1.88 earnings per share for the current year.

Insider Buying and Selling at Range Resources

In related news, Director Charles G. Griffie purchased 1,275 shares of the stock in a transaction dated Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now directly owns 5,921 shares in the company, 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 SEC, which is available at this link. Also, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction that occurred 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 transaction, the vice president now directly owns 9,670 shares in the company, valued at $304,121.50. The trade was a 56.77 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. O Shaughnessy Asset Management LLC acquired a new stake in shares of Range Resources in the 1st quarter valued at about $220,000. Hancock Whitney Corp bought a new stake in Range Resources in the 1st quarter valued at approximately $232,000. Cetera Investment Advisers boosted its position in Range Resources by 906.5% during the 1st quarter. Cetera Investment Advisers now owns 89,940 shares of the oil and gas exploration company’s stock worth $3,097,000 after acquiring an additional 81,004 shares during the last quarter. Cetera Advisors LLC grew its stake in shares of Range Resources by 4.4% during the 1st quarter. Cetera Advisors LLC now owns 15,720 shares of the oil and gas exploration company’s stock worth $541,000 after acquiring an additional 665 shares in the last quarter. Finally, Boston Partners raised its holdings in shares of Range Resources by 2.1% in the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock valued at $224,912,000 after purchasing an additional 133,565 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

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.