TD Securities cuts Range Resources (NYSE:RRC) target price to $30.00

Range Resources (NYSE:RRC – Get Note) had its price target reduced by TD Securities analysts from $31.00 to $30.00 in a note issued to investors on Wednesday, BayStreet.CA reports. The company currently has a “conservation” rating on shares of the oil and gas exploration company. TD Securities’ price target suggests a potential decline of 2.50% from the stock’s previous close.

DRR has been the subject of several other reports. Truist Financial raised its price target on shares of Range Resources from $33.00 to $37.00 in a Thursday, April 21 research report. Susquehanna raised its price target on shares of Range Resources from $24.00 to $34.00 in a report on Monday. TheStreet upgraded shares of Range Resources from a “c-” rating to a “b-” rating in a Friday, March 4 research report. JPMorgan Chase & Co. raised its price target on Range Resources from $23.00 to $25.00 and gave the stock a “neutral” rating in a Thursday, February 24 research report. Finally, Susquehanna Bancshares raised its price target on shares of Range Resources from $24.00 to $34.00 in a report on Monday. Two analysts gave the stock a sell rating, eleven gave the company a hold rating and eight gave the company a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $30.21.

Shares of Range Resources rose $1.27 during Wednesday’s trading, hitting $30.77. The company had a trading volume of 323,204 shares, compared to an average volume of 6,204,163. The company has a leverage ratio of 1.30, a quick ratio of 0.64 and a current ratio of 0.64 . Range Resources has a fifty-two week low of $9.38 and a fifty-two week high of $34.61. The company’s fifty-day moving average is $28.08 and its 200-day moving average is $23.31. The company has a market capitalization of $8.09 billion, a price-to-earnings ratio of 20.58, a growth price-to-earnings ratio of 0.27 and a beta of 2.12.

Range Resources (NYSE:RRC – Get Rating) last released its quarterly results on Tuesday, April 26. The oil and gas exploration company reported earnings per share of $1.18 for the quarter, beating the Zacks consensus estimate of $1.08 by $0.10. Range Resources had a return on equity of 31.21% and a net margin of 14.05%. In the same period a year earlier, the company posted earnings per share of $0.30. On average, research analysts expect Range Resources to post an EPS of 4.16 for the current financial year.

Range Resources announced that its board of directors approved a share buyback program on Tuesday, February 22 that allows the company to repurchase $500.00 million worth of shares. This repurchase authorization allows the oil and gas exploration company to purchase up to 9.6% of its shares through open market purchases. Stock buyback programs are usually a sign that a company’s management believes its stock is undervalued.

In other Range Resources news, SVP Dori Ginn sold 10,000 shares of Range Resources in a trade on Friday, April 8. The shares were sold at an average price of $32.60, for a total transaction of $326,000.00. Following the sale, the senior vice president now owns 75,098 shares of the company, valued at $2,448,194.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. 1.10% of the shares are currently held by insiders of the company.

Several institutional investors and hedge funds have recently changed their holdings in the company. O Shaughnessy Asset Management LLC acquired a new stake in Range Resources in Q3 worth $25,000. Confluence Wealth Services Inc. bought a new stock position in Range Resources during the fourth quarter worth $35,000. Exchange Traded Concepts LLC increased its stake in shares of Range Resources by 385.3% in Q1. Exchange Traded Concepts LLC now owns 1,485 shares of the oil and gas exploration company valued at $45,000 after buying 1,179 additional shares last quarter. Crestmont Private Wealth LLC purchased a new stake in shares of Range Resources in Q4 for a value of approximately $53,000. Finally, Stonebridge Capital Advisors LLC acquired a new stake in the shares of Range Resources during the 4th quarter for a value of approximately $57,000. 91.40% of the shares are held by institutional investors and hedge funds.

Range Resources Company Profile (Get a rating)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGL) and petroleum company in the United States. The Company is engaged in the exploration, development and acquisition of oil and gas properties. As of December 31, 2021, the Company owned and operated 1,350 net producing wells and approximately 794,000 net acres under lease located in the Appalachian region of the Northeastern United States.

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