The Goldman Sachs Group Cuts Range Resources (NYSE:RRC) Price Target to $35.00

Range Resources (NYSE:RRC) had its price objective decreased by The Goldman Sachs Group from $40.00 to $35.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas exploration company’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 24.25% from the company’s previous close.

A number of other equities research analysts have also weighed in on RRC. Mizuho lifted their target price on shares of Range Resources from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Scotiabank upgraded Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 target price on the stock in a report on Tuesday, August 20th. Wolfe Research started coverage on Range Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Royal Bank of Canada restated a “sector perform” rating and set a $39.00 price target on shares of Range Resources in a research report on Thursday, July 25th. Finally, Susquehanna decreased their price objective on Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Range Resources currently has an average rating of “Hold” and an average target price of $36.74.

Range Resources Trading Down 0.6 %

RRC 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 stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of 14.22 and a beta of 1.88. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33. The firm has a fifty day moving average of $31.44 and a two-hundred day moving average of $33.67. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The company had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 earnings per share. On average, equities analysts anticipate that Range Resources will post 2.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. KGH Ltd raised its holdings in shares of 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 last quarter. B. Riley Wealth Advisors Inc. bought a new stake in Range Resources in the 2nd quarter worth approximately $486,000. Creative Planning raised its stake in Range Resources by 5.3% during the 2nd quarter. Creative Planning now owns 55,655 shares of the oil and gas exploration company’s stock valued at $1,866,000 after buying an additional 2,792 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in shares of Range Resources during the 2nd quarter valued at $508,000. Finally, Algert Global LLC bought a new position in shares of Range Resources during the 2nd quarter valued at $818,000. 98.93% of the stock is owned by institutional investors.

Range Resources Company Profile

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.