Range Resources Corp. (NYSE:RRC) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $12.26, but opened at $13.16. Range Resources shares last traded at $13.29, with a volume of 15913438 shares traded.
The oil and gas exploration company reported $0.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.07. The company had revenue of $679.00 million for the quarter, compared to analysts’ expectations of $659.71 million. Range Resources had a positive return on equity of 1.63% and a negative net margin of 2.23%. The firm’s quarterly revenue was up 167.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 earnings per share.
A number of research analysts have commented on RRC shares. Bank of America cut Range Resources from a “buy” rating to a “neutral” rating in a research note on Thursday, January 4th. Barclays restated a “buy” rating and set a $19.00 price objective on shares of Range Resources in a research note on Sunday, December 24th. Morgan Stanley cut Range Resources from an “equal weight” rating to an “underweight” rating and set a $11.00 price objective on the stock. in a research note on Wednesday, January 24th. Credit Suisse Group started coverage on Range Resources in a research note on Monday, December 11th. They set an “outperform” rating and a $24.00 price objective on the stock. Finally, Capital One Financial cut Range Resources from an “overweight” rating to an “equal weight” rating in a research note on Thursday, January 25th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $25.59.
A number of institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. increased its holdings in Range Resources by 1.3% in the second quarter. Ameritas Investment Partners Inc. now owns 5,065 shares of the oil and gas exploration company’s stock valued at $117,000 after buying an additional 64 shares during the last quarter. World Asset Management Inc grew its holdings in shares of Range Resources by 19.7% during the third quarter. World Asset Management Inc now owns 19,372 shares of the oil and gas exploration company’s stock valued at $379,000 after purchasing an additional 3,186 shares during the last quarter. Waters Parkerson & CO. LLC grew its holdings in shares of Range Resources by 5.3% during the third quarter. Waters Parkerson & CO. LLC now owns 64,686 shares of the oil and gas exploration company’s stock valued at $1,266,000 after purchasing an additional 3,275 shares during the last quarter. Pitcairn Co. grew its holdings in shares of Range Resources by 10.8% during the third quarter. Pitcairn Co. now owns 35,480 shares of the oil and gas exploration company’s stock valued at $694,000 after purchasing an additional 3,449 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Range Resources by 21.5% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,078 shares of the oil and gas exploration company’s stock valued at $393,000 after purchasing an additional 3,557 shares during the last quarter. 99.67% of the stock is owned by hedge funds and other institutional investors.
The company has a market cap of $3,290.00, a price-to-earnings ratio of -63.29, a P/E/G ratio of 0.83 and a beta of 0.68. The company has a current ratio of 0.50, a quick ratio of 0.47 and a debt-to-equity ratio of 0.72.
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Range Resources Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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