Range Resources (NYSE:RRC) PT Lowered to $35.00 at The Goldman Sachs Group

Range Resources (NYSE:RRC) had its target price reduced by The Goldman Sachs Group from $40.00 to $35.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 24.25% from the company’s previous close.

Several other research firms also recently commented on RRC. Mizuho raised their price objective on Range Resources from $41.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Scotiabank upgraded shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 target price on the stock in a research note on Tuesday, August 20th. Susquehanna dropped their price target on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday. Wolfe Research started coverage on shares of Range Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Benchmark restated a “hold” rating on shares of Range Resources in a research note on Wednesday, July 24th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Range Resources has an average rating of “Hold” and an average target price of $36.74.

Range Resources Stock Performance

RRC stock traded down $0.17 during midday trading on Friday, reaching $28.17. 800,909 shares of the company’s stock traded hands, compared to its average volume of 2,371,854. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33. The stock has a market cap of $6.83 billion, a P/E ratio of 14.22 and a beta of 1.88. The stock’s 50-day moving average is $31.44 and its 200 day moving average is $33.67.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The firm had revenue of $641.30 million during the quarter, compared to analyst estimates of $610.24 million. During the same period in the prior year, the business posted $0.27 EPS. Range Resources’s revenue was up 8.7% on a year-over-year basis. As a group, analysts anticipate that Range Resources will post 2.08 EPS for the current year.

Institutional Trading of Range Resources

Several hedge funds have recently modified their holdings of RRC. Price T Rowe Associates Inc. MD grew its holdings in shares of Range Resources by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after purchasing an additional 5,759,883 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Range Resources by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after buying an additional 959,011 shares in the last quarter. Boston Partners grew its position in Range Resources by 2.1% in the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock worth $224,912,000 after acquiring an additional 133,565 shares in the last quarter. Lingotto Investment Management LLP increased its stake in Range Resources by 1.5% during the second quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock worth $216,326,000 after acquiring an additional 93,782 shares during the last quarter. Finally, KGH Ltd raised its position in Range Resources by 3.2% during the second quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company’s stock valued at $203,862,000 after purchasing an additional 190,000 shares during the period. 98.93% 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), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.