Range Resources (NYSE:RRC) Stock Rating Lowered by Freedom Broker

Range Resources (NYSE:RRC) was downgraded by equities research analysts at Freedom Broker from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

Several other brokerages also recently weighed in on RRC. Mizuho increased their price target on Range Resources from $52.00 to $67.00 and gave the stock an “outperform” rating in a research report on Monday, October 26th. Truist Financial boosted their price objective on Range Resources from $43.00 to $51.00 and gave the company a “hold” rating in a report on Monday. Morgan Stanley set a $54.00 target price on Range Resources in a research note on Tuesday, October 27th. The Goldman Sachs Group restated a “neutral” rating and issued a $37.00 target price on shares of Range Resources in a research note on Tuesday, October 20th. Finally, Barclays raised their target price on Range Resources from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nineteen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $46.22.

Range Resources Stock Down 1.0%

RRC stock opened at $53.91 on Monday. The firm’s fifty day simple moving average is $42.70 and its 200-day simple moving average is $40.53. The company has a market capitalization of $12.60 billion, a P/E ratio of 14.30 and a beta of 0.64. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.74 and a quick ratio of 0.74. Range Resources has a 12 month low of $32.68 and a 12 month high of $56.90.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, October 27th. The oil and gas exploration company reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. Range Resources had a net margin of 25.25% and a return on equity of 19.15%. The firm had revenue of $842.83 million for the quarter, compared to analyst estimates of $795.19 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, equities research analysts forecast that Range Resources will post 3.85 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of Nova Scotia purchased a new stake in Range Resources in the 2nd quarter worth $2,220,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Range Resources by 23.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 549,315 shares of the oil and gas exploration company’s stock worth $20,429,000 after acquiring an additional 104,096 shares during the period. Entropy Technologies LP raised its position in Range Resources by 321.3% during the first quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company’s stock worth $2,355,000 after acquiring an additional 39,745 shares during the period. MAC Alpha Capital Management LP raised its position in Range Resources by 41.6% during the second quarter. MAC Alpha Capital Management LP now owns 250,456 shares of the oil and gas exploration company’s stock worth $9,315,000 after acquiring an additional 73,600 shares during the period. Finally, CX Institutional purchased a new position in Range Resources during the third quarter valued at $6,360,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Company Profile

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company’s activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.