Range Resources (NYSE:RRC) PT Raised to $33.00 at Morgan Stanley

Range Resources (NYSE:RRC) had its price target upped by equities researchers at Morgan Stanley from $23.00 to $33.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “underweight” rating on the oil and gas exploration company’s stock. Morgan Stanley’s price objective suggests a potential downside of 5.71% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Range Resources in a report on Tuesday, April 9th. Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and upped their target price for the stock from $40.00 to $45.00 in a research report on Thursday, April 11th. Raymond James cut their target price on shares of Range Resources from $37.00 to $36.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Citigroup upped their target price on shares of Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. Finally, StockNews.com upgraded shares of Range Resources to a “sell” rating in a research report on Wednesday, March 13th. Five equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.75.

Range Resources Stock Performance

RRC stock traded up $0.05 during midday trading on Wednesday, reaching $35.00. 758,823 shares of the company’s stock traded hands, compared to its average volume of 2,536,922. The company has a 50-day moving average price of $32.63 and a two-hundred day moving average price of $32.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.49 and a current ratio of 1.49. Range Resources has a 52 week low of $23.92 and a 52 week high of $37.88. The firm has a market capitalization of $8.47 billion, a PE ratio of 9.92 and a beta of 1.83.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.21. The firm had revenue of $941.40 million for the quarter, compared to analysts’ expectations of $672.25 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The business’s quarterly revenue was down 42.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.26 earnings per share. As a group, equities analysts anticipate that Range Resources will post 1.92 EPS for the current year.

Hedge Funds Weigh In On Range Resources

Institutional investors have recently bought and sold shares of the stock. Raleigh Capital Management Inc. bought a new position in Range Resources in the third quarter worth about $26,000. Cary Street Partners Investment Advisory LLC bought a new position in shares of Range Resources during the third quarter valued at approximately $27,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Range Resources by 333.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after purchasing an additional 666 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Range Resources during the second quarter valued at approximately $28,000. Finally, Proffitt & Goodson Inc. bought a new position in shares of Range Resources during the third quarter valued at approximately $32,000. 98.93% of the stock is owned by 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.