Wells Fargo & Company Forecasts Strong Price Appreciation for Range Resources (NYSE:RRC) Stock

Range Resources (NYSE:RRC) had its target price hoisted by equities researchers at Wells Fargo & Company from $43.00 to $46.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 11.40% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Piper Sandler lowered their price objective on shares of Range Resources from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Tuesday, November 18th. TD Cowen raised shares of Range Resources to a “hold” rating in a report on Monday, February 9th. Bank of America restated a “neutral” rating and issued a $38.00 price objective (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. Mizuho increased their price objective on Range Resources from $46.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, Royal Bank Of Canada lowered their target price on Range Resources from $46.00 to $44.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $41.29.

Range Resources Trading Up 5.6%

RRC stock opened at $41.29 on Thursday. The business has a fifty day moving average price of $36.14 and a 200 day moving average price of $36.34. Range Resources has a fifty-two week low of $30.32 and a fifty-two week high of $43.50. The stock has a market capitalization of $9.72 billion, a price-to-earnings ratio of 15.07, a P/E/G ratio of 0.36 and a beta of 0.58. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.56.

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

Institutional Investors Weigh In On Range Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RRC. Hantz Financial Services Inc. raised its holdings in shares of Range Resources by 1,464.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 751 shares of the oil and gas exploration company’s stock valued at $31,000 after purchasing an additional 703 shares during the period. Los Angeles Capital Management LLC bought a new position in Range Resources during the fourth quarter worth about $34,000. Smartleaf Asset Management LLC increased its position in 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 buying an additional 336 shares during the last quarter. True Wealth Design LLC raised its stake in Range Resources by 116.3% in the third quarter. True Wealth Design LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 541 shares during the period. Finally, Allworth Financial LP raised its stake in Range Resources by 196.5% in 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 buying an additional 731 shares during the period. 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.