Seaport Global Securities Equities Analysts Reduce Earnings Estimates for Range Resources Corp. (RRC)
Range Resources Corp. (NYSE:RRC) – Analysts at Seaport Global Securities lowered their Q1 2018 earnings per share (EPS) estimates for Range Resources in a research report issued to clients and investors on Tuesday. Seaport Global Securities analyst M. Kelly now forecasts that the oil and gas exploration company will post earnings per share of $0.23 for the quarter, down from their previous forecast of $0.25. Seaport Global Securities also issued estimates for Range Resources’ Q2 2018 earnings at $0.05 EPS, Q3 2018 earnings at $0.08 EPS, Q4 2018 earnings at $0.17 EPS and FY2018 earnings at $0.52 EPS.
Several other equities research analysts also recently weighed in on RRC. B. Riley began coverage on Range Resources in a report on Monday. They issued a “neutral” rating and a $16.00 price target for the company. ValuEngine cut Range Resources from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Credit Suisse Group reduced their price objective on Range Resources from $24.00 to $23.00 and set an “outperform” rating for the company in a research note on Thursday, January 25th. Bank of America reduced their price objective on Range Resources from $23.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, January 25th. Finally, Raymond James Financial restated an “underperform” rating on shares of Range Resources in a research note on Monday, January 29th. Four analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $25.59.
In related news, Director Anthony V. Dub sold 2,897 shares of Range Resources stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $16.06, for a total transaction of $46,525.82. Following the completion of the transaction, the director now directly owns 96,000 shares in the company, valued at $1,541,760. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Roger S. Manny sold 10,757 shares of Range Resources stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $16.42, for a total value of $176,629.94. Following the transaction, the chief financial officer now owns 143,703 shares of the company’s stock, valued at $2,359,603.26. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,574 shares of company stock valued at $729,007. 2.40% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. raised its position in Range Resources by 1.3% during the second quarter. Ameritas Investment Partners Inc. now owns 5,065 shares of the oil and gas exploration company’s stock valued at $117,000 after acquiring an additional 64 shares in the last quarter. MHI Funds LLC purchased a new position in Range Resources during the fourth quarter valued at approximately $122,000. Jolley Asset Management LLC purchased a new position in Range Resources during the fourth quarter valued at approximately $125,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new position in Range Resources during the fourth quarter valued at approximately $192,000. Finally, Westwood Holdings Group Inc. raised its position in Range Resources by 240.4% during the second quarter. Westwood Holdings Group Inc. now owns 8,850 shares of the oil and gas exploration company’s stock valued at $205,000 after acquiring an additional 6,250 shares in the last quarter. Institutional investors own 95.71% of the company’s stock.
Range Resources 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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