Truist Financial Initiates Coverage on Range Resources (NYSE:RRC)

Investment analysts at Truist Financial began coverage on shares of Range Resources (NYSE:RRC) in a report issued on Tuesday. The firm set a “hold” rating and a $48.00 price target on the oil and gas exploration company’s stock. Truist Financial’s price objective indicates a potential upside of 7.10% from the company’s previous close.

A number of other analysts have also commented on RRC. Citigroup raised their price target on Range Resources from $36.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, March 5th. Mizuho upped their price objective on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Weiss Ratings raised shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research report on Friday, February 27th. Royal Bank Of Canada cut their target price on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Finally, TD Cowen boosted their price target on shares of Range Resources from $40.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday, March 17th. Four research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Range Resources presently has an average rating of “Hold” and an average price target of $42.76.

Range Resources Stock Up 0.8%

Shares of NYSE:RRC opened at $44.82 on Tuesday. The stock’s 50-day moving average is $38.65 and its 200 day moving average is $37.37. The company has a market cap of $10.55 billion, a PE ratio of 16.36, a P/E/G ratio of 0.41 and a beta of 0.57. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.67. Range Resources has a 1 year low of $30.32 and a 1 year high of $46.19.

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

Institutional Trading of Range Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Boston Partners lifted its position in Range Resources by 59.3% during the 3rd quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company’s stock valued at $445,196,000 after acquiring an additional 4,398,042 shares during the period. Invesco Ltd. grew its holdings in Range Resources by 230.1% in the second quarter. Invesco Ltd. now owns 4,785,940 shares of the oil and gas exploration company’s stock worth $194,644,000 after purchasing an additional 3,336,299 shares during the period. AQR Capital Management LLC increased its stake in shares of Range Resources by 517.6% during the third quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company’s stock valued at $91,852,000 after purchasing an additional 2,045,165 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Range Resources during the third quarter valued at approximately $66,560,000. Finally, UBS Group AG lifted its holdings in shares of Range Resources by 66.3% during the fourth quarter. UBS Group AG now owns 3,588,540 shares of the oil and gas exploration company’s stock valued at $126,532,000 after purchasing an additional 1,430,477 shares during the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Company Profile

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.