Range Resources (RRC) Upgraded to Hold by Royal Bank of Canada

Range Resources (NYSE:RRC) was upgraded by equities research analysts at Royal Bank of Canada to a “hold” rating in a research note issued on Wednesday.

RRC has been the subject of a number of other research reports. Morgan Stanley decreased their target price on shares of Range Resources from $17.00 to $16.00 and set an “underweight” rating for the company in a research report on Thursday, August 16th. TD Securities started coverage on shares of Range Resources in a research report on Thursday, July 5th. They set a “hold” rating and a $18.00 target price for the company. Capital One Financial raised shares of Range Resources from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, July 31st. B. Riley raised shares of Range Resources from a “neutral” rating to a “buy” rating and increased their target price for the company from $17.00 to $22.00 in a research report on Thursday, September 20th. Finally, KLR Group reissued a “buy” rating and set a $23.00 target price on shares of Range Resources in a research report on Monday, August 20th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Range Resources presently has a consensus rating of “Hold” and a consensus target price of $22.10.

Shares of NYSE RRC traded down $0.47 during midday trading on Wednesday, reaching $16.89. 78,259 shares of the company’s stock traded hands, compared to its average volume of 5,689,876. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.49 and a current ratio of 0.52. Range Resources has a one year low of $11.93 and a one year high of $20.65. The company has a market cap of $4.35 billion, a PE ratio of 29.47, a P/E/G ratio of 1.41 and a beta of 0.59.

Range Resources (NYSE:RRC) last posted its earnings results on Monday, July 30th. The oil and gas exploration company reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.09. Range Resources had a net margin of 2.46% and a return on equity of 4.00%. The company had revenue of $745.00 million during the quarter, compared to analysts’ expectations of $671.50 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. Range Resources’s revenue for the quarter was up 31.9% compared to the same quarter last year. analysts forecast that Range Resources will post 0.97 earnings per share for the current fiscal year.

In related news, VP David P. Poole sold 3,829 shares of the firm’s stock in a transaction on Monday, July 9th. The shares were sold at an average price of $17.54, for a total transaction of $67,160.66. Following the completion of the transaction, the vice president now owns 37,484 shares of the company’s stock, valued at $657,469.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeffrey L. Ventura sold 8,767 shares of the firm’s stock in a transaction on Monday, July 9th. The stock was sold at an average price of $17.54, for a total transaction of $153,773.18. Following the transaction, the insider now directly owns 390,432 shares of the company’s stock, valued at approximately $6,848,177.28. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. ANTIPODES PARTNERS Ltd raised its holdings in shares of Range Resources by 54.6% during the second quarter. ANTIPODES PARTNERS Ltd now owns 5,830,315 shares of the oil and gas exploration company’s stock worth $97,541,000 after purchasing an additional 2,058,057 shares during the last quarter. Soros Fund Management LLC acquired a new stake in Range Resources during the second quarter valued at $2,928,000. PNC Financial Services Group Inc. grew its position in Range Resources by 11.7% during the second quarter. PNC Financial Services Group Inc. now owns 76,671 shares of the oil and gas exploration company’s stock valued at $1,282,000 after buying an additional 8,054 shares during the period. Comerica Bank grew its position in Range Resources by 119.2% during the second quarter. Comerica Bank now owns 200,027 shares of the oil and gas exploration company’s stock valued at $3,260,000 after buying an additional 108,759 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in Range Resources during the second quarter valued at $207,000. 96.48% of the stock is owned by hedge funds and other institutional investors.

About Range Resources

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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Analyst Recommendations for Range Resources (NYSE:RRC)

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