Range Resources (RRC) Upgraded to Hold by Royal Bank of Canada
Range Resources (NYSE:RRC) was upgraded by Royal Bank of Canada to a “hold” rating in a research note issued to investors on Wednesday.
Other equities analysts have also issued reports about the stock. Piper Jaffray Companies restated a “buy” rating and set a $27.00 price target on shares of Range Resources in a research report on Friday, July 20th. TD Securities reduced their target price on shares of Range Resources from $18.00 to $17.00 and set a “hold” rating on the stock in a research note on Tuesday, July 31st. Wolfe Research raised shares of Range Resources from an “underperform” rating to a “market perform” rating in a research note on Wednesday, June 27th. KLR Group reaffirmed a “buy” rating and set a $23.00 target price on shares of Range Resources in a research note on Monday, August 20th. Finally, B. Riley raised shares of Range Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $17.00 to $22.00 in a research note on Thursday, September 20th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Range Resources currently has an average rating of “Hold” and an average price target of $22.10.
RRC traded down $0.47 on Wednesday, reaching $16.89. 78,259 shares of the company’s stock were exchanged, compared to its average volume of 5,689,876. The firm has a market capitalization of $4.35 billion, a PE ratio of 29.47, a PEG ratio of 1.41 and a beta of 0.59. Range Resources has a twelve month low of $11.93 and a twelve month high of $20.65. The company has a current ratio of 0.52, a quick ratio of 0.49 and a debt-to-equity ratio of 0.73.
In related news, VP David P. Poole sold 3,829 shares of Range Resources stock in a transaction that occurred on Monday, July 9th. The shares were sold at an average price of $17.54, for a total value of $67,160.66. Following the completion of the transaction, the vice president now owns 37,484 shares in the company, valued at $657,469.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey L. Ventura sold 8,767 shares of Range Resources stock in a transaction that occurred on Monday, July 9th. The shares were sold at an average price of $17.54, for a total transaction of $153,773.18. Following the completion of the transaction, the insider now owns 390,432 shares of the company’s stock, valued at approximately $6,848,177.28. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. ANTIPODES PARTNERS Ltd grew its holdings in shares of Range Resources by 54.6% in the second quarter. ANTIPODES PARTNERS Ltd now owns 5,830,315 shares of the oil and gas exploration company’s stock valued at $97,541,000 after purchasing an additional 2,058,057 shares in the last quarter. Soros Fund Management LLC acquired a new position in shares of Range Resources in the second quarter valued at approximately $2,928,000. PNC Financial Services Group Inc. grew its holdings in shares of Range Resources by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 76,671 shares of the oil and gas exploration company’s stock valued at $1,282,000 after purchasing an additional 8,054 shares in the last quarter. Comerica Bank grew its holdings in shares of Range Resources by 119.2% in the second quarter. Comerica Bank now owns 200,027 shares of the oil and gas exploration company’s stock valued at $3,260,000 after purchasing an additional 108,759 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new position in shares of Range Resources in the second quarter valued at approximately $207,000. Hedge funds and other institutional investors own 96.48% of the company’s stock.
Range Resources Company Profile
Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.
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