Zacks Investment Research upgraded shares of Range Resources Corporation (NYSE:RRC) from a hold rating to a strong-buy rating in a report released on Thursday morning. They currently have $23.00 price objective on the oil and gas exploration company’s stock.

According to Zacks, “Range Resources has extensive oil and gas resources in the 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. In the Marcellus play, the company will likely bring 118 wells on line this year, while 56 wells are expected to produce first gas and oil in North Louisiana. These developments are likely to help Range Resources reach its 33–35% year-over-year natural gas and oil production growth target. Moreover, the company completed the merger with Memorial Resource Development Corp.  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 both the Appalachian Basin and Northern Louisiana.”

A number of other equities research analysts have also weighed in on the company. BidaskClub raised Range Resources Corporation from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Royal Bank Of Canada set a $44.00 price target on shares of Range Resources Corporation and gave the company a buy rating in a research report on Saturday, June 3rd. Jefferies Group LLC restated a buy rating and set a $43.00 price objective on shares of Range Resources Corporation in a research report on Thursday, April 6th. Evercore ISI upgraded Range Resources Corporation to a buy rating and set a $40.00 price objective for the company in a research report on Wednesday, April 19th. Finally, Piper Jaffray Companies restated an overweight rating and set a $49.00 price objective on shares of Range Resources Corporation in a research report on Thursday, April 27th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. Range Resources Corporation currently has a consensus rating of Buy and an average target price of $42.58.

Shares of Range Resources Corporation (NYSE RRC) traded down 2.42% during trading on Thursday, hitting $21.34. The stock had a trading volume of 795,066 shares. The stock’s 50-day moving average is $22.32 and its 200-day moving average is $27.00. Range Resources Corporation has a 12-month low of $20.34 and a 12-month high of $43.60. The stock’s market cap is $5.19 billion.

ILLEGAL ACTIVITY WARNING: “Range Resources Corporation (RRC) Rating Increased to Strong-Buy at Zacks Investment Research” was published by Watch List News and is the sole property of of Watch List News. If you are accessing this story on another domain, it was illegally stolen and republished in violation of US and international copyright & trademark law. The original version of this story can be accessed at https://www.watchlistnews.com/range-resources-corporation-rrc-rating-increased-to-strong-buy-at-zacks-investment-research/1463748.html.

In related news, COO Ray N. Walker, Jr. sold 7,200 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $23.17, for a total value of $166,824.00. Following the transaction, the chief operating officer now directly owns 63,861 shares in the company, valued at approximately $1,479,659.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James M. Funk bought 4,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was purchased at an average price of $22.96 per share, for a total transaction of $91,840.00. Following the completion of the purchase, the director now directly owns 11,303 shares in the company, valued at approximately $259,516.88. The disclosure for this purchase can be found here. Insiders sold a total of 36,521 shares of company stock worth $842,742 over the last quarter. 0.42% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its stake in Range Resources Corporation by 0.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,109 shares of the oil and gas exploration company’s stock valued at $119,000 after buying an additional 31 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in Range Resources Corporation by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 11,700 shares of the oil and gas exploration company’s stock valued at $271,000 after buying an additional 100 shares in the last quarter. Capstone Asset Management Co. raised its stake in Range Resources Corporation by 1.1% in the first quarter. Capstone Asset Management Co. now owns 12,374 shares of the oil and gas exploration company’s stock valued at $360,000 after buying an additional 140 shares in the last quarter. Advantus Capital Management Inc raised its stake in Range Resources Corporation by 1.0% in the first quarter. Advantus Capital Management Inc now owns 18,832 shares of the oil and gas exploration company’s stock valued at $548,000 after buying an additional 185 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its stake in Range Resources Corporation by 7.3% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 3,756 shares of the oil and gas exploration company’s stock valued at $109,000 after buying an additional 257 shares in the last quarter. Institutional investors own 92.78% of the company’s stock.

Range Resources Corporation 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.

Get a free copy of the Zacks research report on Range Resources Corporation (RRC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Range Resources Corporation (NYSE:RRC)

Receive News & Ratings for Range Resources Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Range Resources Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.