Range Resources (NYSE:RRC) Downgraded to “Neutral” Rating by Bank of America

Range Resources (NYSE:RRC) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Friday, Marketbeat reports. They presently have a $38.00 price objective on the oil and gas exploration company’s stock, down from their prior price objective of $44.00. Bank of America‘s target price would suggest a potential upside of 13.71% from the stock’s previous close.

Several other brokerages have also issued reports on RRC. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Range Resources in a research report on Monday, December 29th. Zacks Research upgraded Range Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, November 14th. Mizuho upped their target price on Range Resources from $46.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Royal Bank Of Canada decreased their target price on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating for the company in a research report on Wednesday. Finally, Morgan Stanley lowered their price target on shares of Range Resources from $44.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $41.37.

Range Resources Stock Performance

NYSE:RRC opened at $33.42 on Friday. The stock’s 50-day moving average is $36.59 and its 200-day moving average is $36.33. Range Resources has a 1-year low of $30.32 and a 1-year high of $43.50. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.29. The stock has a market cap of $7.92 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 0.23 and a beta of 0.51.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.54 by $0.03. Range Resources had a net margin of 19.64% and a return on equity of 15.99%. The business had revenue of $655.30 million for the quarter, compared to the consensus estimate of $721.22 million. During the same period last year, the company earned $0.48 EPS. The firm’s revenue was up 21.7% compared to the same quarter last year. Equities research analysts anticipate that Range Resources will post 2.02 earnings per share for the current year.

Institutional Investors Weigh In On Range Resources

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Range Resources by 3.3% during the third quarter. Vanguard Group Inc. now owns 24,851,886 shares of the oil and gas exploration company’s stock valued at $935,425,000 after acquiring an additional 799,574 shares in the last quarter. Boston Partners grew its position in Range Resources by 59.3% in 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 purchasing an additional 4,398,042 shares during the period. Dimensional Fund Advisors LP grew its position in Range Resources by 7.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 8,291,202 shares of the oil and gas exploration company’s stock valued at $312,075,000 after purchasing an additional 608,274 shares during the period. Lingotto Investment Management LLP increased its stake in Range Resources by 2.0% during the 2nd quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock valued at $291,263,000 after purchasing an additional 138,877 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Range Resources by 230.1% during 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 buying an additional 3,336,299 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

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.