Range Resources (NYSE:RRC) Upgraded to “Equal Weight” at Morgan Stanley

Range Resources (NYSE:RRC) was upgraded by equities researchers at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday,Finviz reports. The firm currently has a $49.00 price target on the oil and gas exploration company’s stock, up from their previous price target of $40.00. Morgan Stanley’s target price would suggest a potential upside of 21.83% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group increased their price target on shares of Range Resources from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Mizuho increased their target price on Range Resources from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Wells Fargo & Company boosted their price target on shares of Range Resources from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Williams Trading set a $40.00 price objective on shares of Range Resources in a report on Wednesday, March 5th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $40.00 target price on shares of Range Resources in a research note on Tuesday, January 14th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $40.89.

Range Resources Price Performance

Shares of NYSE RRC opened at $40.22 on Wednesday. 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 has a fifty-two week low of $27.29 and a fifty-two week high of $41.95. The business has a 50 day moving average price of $38.61 and a two-hundred day moving average price of $34.99. The firm has a market cap of $9.71 billion, a PE ratio of 20.31, a price-to-earnings-growth ratio of 5.11 and a beta of 1.80.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.13. The business had revenue of $626.42 million during the quarter, compared to the consensus estimate of $676.53 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. During the same quarter last year, the company earned $0.63 earnings per share. Sell-side analysts expect that Range Resources will post 2.02 earnings per share for the current fiscal year.

Institutional Trading of Range Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new stake in shares of Range Resources during the 4th quarter worth $33,684,000. Wealth Enhancement Advisory Services LLC raised its holdings in Range Resources by 23.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 9,094 shares of the oil and gas exploration company’s stock worth $327,000 after buying an additional 1,756 shares during the period. Forum Financial Management LP raised its holdings in Range Resources by 19.1% during the 4th quarter. Forum Financial Management LP now owns 8,046 shares of the oil and gas exploration company’s stock worth $289,000 after buying an additional 1,293 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of Range Resources in the fourth quarter worth about $2,645,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Range Resources in the fourth quarter worth about $3,001,000. 98.93% of the stock is owned by institutional investors and hedge funds.

Range Resources Company Profile

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.