Range Resources (NYSE:RRC) Rating Increased to Sector Outperform at Scotiabank

Range Resources (NYSE:RRC) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued to investors on Tuesday, Briefing.com reports. The firm presently has a $45.00 price objective on the oil and gas exploration company’s stock. Scotiabank’s price objective indicates a potential upside of 44.05% from the stock’s previous close.

RRC has been the subject of a number of other research reports. Mizuho increased their target price on Range Resources from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Piper Sandler downgraded shares of Range Resources from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $43.00 to $31.00 in a research report on Thursday, August 15th. Jefferies Financial Group boosted their price target on shares of Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. Stifel Nicolaus increased their price objective on shares of Range Resources from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $39.00 target price on shares of Range Resources in a report on Thursday, July 25th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and an average price target of $37.11.

Range Resources Stock Performance

Shares of Range Resources stock opened at $31.24 on Tuesday. Range Resources has a 12 month low of $27.29 and a 12 month high of $39.33. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $7.58 billion, a PE ratio of 15.86 and a beta of 1.88. The stock’s fifty day simple moving average is $32.76 and its 200 day simple moving average is $33.64.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.05. The business had revenue of $641.30 million during the quarter, compared to analyst estimates of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. Range Resources’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.27 EPS. On average, research analysts predict that Range Resources will post 2.08 EPS for the current year.

Institutional Trading of Range Resources

Several institutional investors have recently made changes to their positions in the company. Glenorchy Capital Ltd bought a new position in shares of Range Resources during the fourth quarter valued at about $1,799,000. TFO Wealth Partners LLC boosted its stake in shares of Range Resources by 302,571.4% in the 4th quarter. TFO Wealth Partners LLC now owns 21,187 shares of the oil and gas exploration company’s stock worth $645,000 after buying an additional 21,180 shares during the last quarter. DRW Securities LLC lifted its holdings in Range Resources by 150.0% during the fourth quarter. DRW Securities LLC now owns 50,000 shares of the oil and gas exploration company’s stock worth $1,522,000 after acquiring an additional 30,000 shares during the period. Norden Group LLC increased its position in shares of Range Resources by 1,599.9% during the 1st quarter. Norden Group LLC now owns 149,697 shares of the oil and gas exploration company’s stock valued at $5,154,000 after purchasing an additional 140,891 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Range Resources by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock worth $180,568,000 after purchasing an additional 90,028 shares during the period. Institutional investors 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.