Range Resources (NYSE:RRC) Shares Gap Up Following Analyst Upgrade

Range Resources Corp. (NYSE:RRC) gapped up prior to trading on Tuesday after UBS Group raised their price target on the stock from $2.30 to $6.00. The stock had previously closed at $5.76, but opened at $5.53. UBS Group currently has a neutral rating on the stock. Range Resources shares last traded at $5.41, with a volume of 146,441 shares trading hands.

Several other analysts have also recently commented on the stock. Bank of America reiterated an “underperform” rating and issued a $4.20 price objective (up previously from $3.60) on shares of Range Resources in a research note on Friday, May 1st. Stifel Nicolaus raised their price objective on shares of Range Resources from $3.00 to $3.50 and gave the company a “hold” rating in a research note on Monday, April 20th. Piper Sandler raised their price objective on shares of Range Resources from $4.00 to $4.50 and gave the company a “neutral” rating in a research note on Monday, May 4th. TD Securities reduced their price objective on shares of Range Resources from $3.75 to $2.50 and set a “reduce” rating for the company in a research note on Monday, March 2nd. Finally, Wells Fargo & Co initiated coverage on shares of Range Resources in a research note on Thursday, June 25th. They issued an “equal weight” rating and a $11.00 price objective for the company. Seven investment analysts have rated the stock with a sell rating and thirteen have assigned a hold rating to the company’s stock. Range Resources has an average rating of “Hold” and a consensus price target of $4.54.

Institutional investors have recently added to or reduced their stakes in the stock. Shelton Capital Management purchased a new stake in Range Resources in the fourth quarter valued at approximately $90,000. Madison Asset Management LLC purchased a new stake in Range Resources in the fourth quarter valued at approximately $2,154,000. Comerica Bank grew its holdings in Range Resources by 2.1% in the fourth quarter. Comerica Bank now owns 236,231 shares of the oil and gas exploration company’s stock valued at $711,000 after purchasing an additional 4,801 shares during the period. Point72 Asset Management L.P. purchased a new stake in Range Resources in the fourth quarter valued at approximately $5,351,000. Finally, UBS Group AG grew its holdings in Range Resources by 29.1% in the first quarter. UBS Group AG now owns 985,613 shares of the oil and gas exploration company’s stock valued at $2,247,000 after purchasing an additional 222,076 shares during the period.

The business’s fifty day moving average is $6.06 and its 200-day moving average is $4.37. The stock has a market capitalization of $1.32 billion, a PE ratio of -0.89 and a beta of 2.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.29.

Range Resources (NYSE:RRC) last released its earnings results on Thursday, April 30th. The oil and gas exploration company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. Range Resources had a negative net margin of 56.71% and a positive return on equity of 0.50%. The firm had revenue of $693.90 million during the quarter, compared to the consensus estimate of $608.45 million. During the same period in the previous year, the firm earned $0.36 earnings per share. Range Resources’s revenue was down 7.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Range Resources Corp. will post -0.42 EPS for the current fiscal year.

Range Resources Company Profile (NYSE:RRC)

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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