Citigroup Issues Positive Forecast for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its price target increased by equities researchers at Citigroup from $36.00 to $43.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s price target would indicate a potential upside of 1.75% from the stock’s previous close.

RRC has been the topic of several other reports. Royal Bank Of Canada reduced their price objective 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. TD Cowen upgraded Range Resources to a “hold” rating in a research report on Monday, February 9th. Wells Fargo & Company upped their price objective on Range Resources from $43.00 to $46.00 and gave the company an “equal weight” rating in a report on Thursday, February 26th. UBS Group increased their target price on Range Resources from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Finally, Barclays upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 18th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Range Resources currently has an average rating of “Hold” and an average price target of $42.06.

Range Resources Trading Up 1.7%

Range Resources stock traded up $0.71 during mid-day trading on Thursday, hitting $42.26. The stock had a trading volume of 2,401,665 shares, compared to its average volume of 3,331,857. The stock has a 50-day simple moving average of $36.51 and a two-hundred day simple moving average of $36.51. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $9.95 billion, a PE ratio of 15.42, a P/E/G ratio of 0.38 and a beta of 0.57. Range Resources has a 12 month low of $30.32 and a 12 month high of $43.50.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. The company had revenue of $786.89 million for the quarter, compared to the consensus estimate of $770.92 million. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The company’s revenue was up 30.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 EPS. As a group, sell-side analysts forecast that Range Resources will post 2.02 EPS for the current year.

Institutional Investors Weigh In On Range Resources

Several institutional investors have recently added to or reduced their stakes in the stock. Boston Partners increased its holdings 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 worth $445,196,000 after purchasing an additional 4,398,042 shares in the last quarter. Invesco Ltd. boosted its position in shares of 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 period. AQR Capital Management LLC grew its holdings 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 worth $91,852,000 after buying an additional 2,045,165 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Range Resources during the third quarter worth about $66,560,000. Finally, UBS Group AG raised its position in Range Resources by 66.3% in the 4th 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 buying an additional 1,430,477 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

About Range Resources

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.