Range Resources (NYSE:RRC) Raised to Buy at Bank of America

Range Resources (NYSE:RRC) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, Marketbeat reports. The firm currently has a $45.00 price objective on the oil and gas exploration company’s stock, up from their previous price objective of $34.00. Bank of America‘s price objective suggests a potential upside of 13.61% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. StockNews.com upgraded Range Resources to a “sell” rating in a research note on Wednesday, November 27th. Wolfe Research raised shares of Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday, January 3rd. Piper Sandler lowered their price target on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a research report on Monday, November 18th. Citigroup raised their target price on shares of Range Resources from $33.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Stephens upped their price target on Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy 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 $37.16.

Range Resources Stock Up 2.9 %

Shares of NYSE:RRC opened at $39.61 on Monday. The stock’s 50-day moving average is $34.96 and its 200 day moving average is $32.38. The company has a market cap of $9.56 billion, a PE ratio of 20.01 and a beta of 1.81. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. Range Resources has a 1 year low of $27.29 and a 1 year high of $39.76.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The business had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. During the same quarter in the previous year, the business posted $0.43 earnings per share. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. Sell-side analysts anticipate that Range Resources will post 1.91 EPS for the current year.

Insider Buying and Selling

In other news, Director Charles G. Griffie bought 1,275 shares of Range Resources stock in a transaction dated Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the purchase, the director now owns 5,921 shares in the company, valued at $186,274.66. The trade was a 27.44 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Range Resources

A number of institutional investors and hedge funds have recently modified their holdings of RRC. Radnor Capital Management LLC lifted its position in shares of Range Resources by 156.2% during the fourth quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock worth $1,547,000 after purchasing an additional 26,213 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Range Resources in the 4th quarter worth about $4,792,000. GAMMA Investing LLC increased its position in shares of Range Resources by 36.4% during the fourth quarter. GAMMA Investing LLC now owns 4,391 shares of the oil and gas exploration company’s stock worth $158,000 after acquiring an additional 1,172 shares during the period. Versant Capital Management Inc increased its position in shares of Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock worth $56,000 after acquiring an additional 463 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Range Resources by 61.9% in the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock valued at $48,588,000 after purchasing an additional 604,199 shares during the period. 98.93% of the stock is owned by 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.