Range Resources Corp. (RRC) Upgraded to Buy at Zacks Investment Research
Range Resources Corp. (NYSE:RRC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm presently has a $21.00 price target on the oil and gas exploration company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.53% from the company’s current price.
According to Zacks, “Range Resources has extensive oil and gas resources in key regions like Marcellus and North Louisiana. The company is planning to invest $1.07 billion in these properties for well drilling and completion purposes in 2017. It is to be noted that Range Resources’ total proved reserves for 2016 was recorded at 12,072 Bcfe, much higher than the previous two years. Most importantly, more than 65% of proved reserves recorded during 2016 was natural gas. Given the significant growth in proved reserves, we can expect considerable improvement in the company’s natural gas production. Moreover, the company completed the merger with Memorial Resource Development. The transaction is expected to boost the company’s position as a premier independent natural gas, oil and NGL producer in the United States with remarkable core acreage positions in the Appalachian Basin and Northern Louisiana.”
Other equities analysts have also issued reports about the stock. Jefferies Group LLC set a $36.00 price target on shares of Range Resources Corp. and gave the stock a “buy” rating in a research report on Tuesday, August 29th. Cowen and Company reissued a “buy” rating and set a $35.00 price target on shares of Range Resources Corp. in a research report on Tuesday, August 22nd. Citigroup Inc. reduced their price target on shares of Range Resources Corp. from $34.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, August 15th. Stifel Nicolaus reissued a “buy” rating and set a $20.00 price target on shares of Range Resources Corp. in a research report on Thursday, August 10th. Finally, BMO Capital Markets set a $35.00 price target on shares of Range Resources Corp. and gave the stock a “buy” rating in a research report on Monday, June 26th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $33.80.
Shares of Range Resources Corp. (NYSE:RRC) traded down 0.63% during mid-day trading on Friday, reaching $18.88. 1,606,568 shares of the company traded hands. The firm has a 50-day moving average price of $19.06 and a 200 day moving average price of $22.02. Range Resources Corp. has a 52 week low of $16.00 and a 52 week high of $39.64. The firm has a market capitalization of $4.61 billion, a price-to-earnings ratio of 127.57 and a beta of 0.95.
Range Resources Corp. (NYSE:RRC) last posted its quarterly earnings results on Tuesday, August 1st. The oil and gas exploration company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.20. Range Resources Corp. had a net margin of 12.38% and a return on equity of 4.91%. The company had revenue of $565.00 million during the quarter, compared to analyst estimates of $544.08 million. During the same period last year, the firm posted ($1.35) EPS. Range Resources Corp.’s revenue for the quarter was up 55.8% compared to the same quarter last year. On average, analysts anticipate that Range Resources Corp. will post $0.50 earnings per share for the current year.
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In other Range Resources Corp. news, Director Mary Ralph Lowe bought 10,000 shares of the stock in a transaction on Friday, August 4th. The shares were bought at an average price of $17.99 per share, with a total value of $179,900.00. Following the purchase, the director now directly owns 25,413 shares in the company, valued at approximately $457,179.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steffen E. Palko bought 15,000 shares of the stock in a transaction on Thursday, August 10th. The shares were acquired at an average cost of $16.81 per share, for a total transaction of $252,150.00. Following the purchase, the director now owns 27,267 shares in the company, valued at $458,358.27. The disclosure for this purchase can be found here. Insiders purchased a total of 26,000 shares of company stock worth $449,800 in the last three months. 2.40% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in RRC. Smithfield Trust Co. boosted its stake in Range Resources Corp. by 480.0% during the 2nd quarter. Smithfield Trust Co. now owns 4,640 shares of the oil and gas exploration company’s stock worth $107,000 after purchasing an additional 3,840 shares during the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in Range Resources Corp. by 26.4% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,746 shares of the oil and gas exploration company’s stock worth $110,000 after purchasing an additional 990 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in Range Resources Corp. by 1.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,065 shares of the oil and gas exploration company’s stock worth $117,000 after purchasing an additional 64 shares during the last quarter. Financial Architects Inc boosted its stake in Range Resources Corp. by 24.5% during the 2nd quarter. Financial Architects Inc now owns 6,100 shares of the oil and gas exploration company’s stock worth $141,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Capstone Investment Advisors Netherlands B.V. boosted its stake in Range Resources Corp. by 166.2% during the 2nd quarter. Capstone Investment Advisors Netherlands B.V. now owns 6,088 shares of the oil and gas exploration company’s stock worth $141,000 after purchasing an additional 3,801 shares during the last quarter. 95.19% of the stock is currently owned by institutional investors.
Range Resources Corp. Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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