Morgan Stanley Trims Range Resources (RRC) Target Price to $16.00

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Range Resources (NYSE:RRC) had its price objective trimmed by Morgan Stanley from $17.00 to $16.00 in a report issued on Thursday. The firm currently has an underweight rating on the oil and gas exploration company’s stock.

Other research analysts have also issued research reports about the stock. Stifel Nicolaus started coverage on shares of Range Resources in a research note on Wednesday, May 23rd. They set a buy rating and a $21.50 price target on the stock. Piper Jaffray Companies restated a buy rating and set a $27.00 price target on shares of Range Resources in a research note on Friday, July 20th. TD Securities cut their price target on shares of Range Resources from $18.00 to $17.00 and set a hold rating on the stock in a research note on Tuesday, July 31st. Wolfe Research upgraded shares of Range Resources from an underperform rating to a market perform rating in a research note on Wednesday, June 27th. Finally, Seaport Global Securities downgraded shares of Range Resources from a buy rating to a neutral rating in a report on Tuesday, April 24th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $22.15.

Shares of Range Resources stock opened at $14.86 on Thursday. The company has a current ratio of 0.52, a quick ratio of 0.49 and a debt-to-equity ratio of 0.73. Range Resources has a 12-month low of $11.93 and a 12-month high of $20.65. The company has a market cap of $3.92 billion, a price-to-earnings ratio of 25.62, a P/E/G ratio of 1.36 and a beta of 0.57.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Monday, July 30th. The oil and gas exploration company reported $0.20 earnings per share (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 business had revenue of $745.00 million for the quarter, compared to analyst estimates of $671.50 million. During the same quarter in the prior year, the business posted $0.06 EPS. Range Resources’s revenue for the quarter was up 31.9% compared to the same quarter last year. research analysts forecast that Range Resources will post 0.91 EPS for the current year.

In related news, VP David P. Poole sold 3,829 shares of the 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 sale, the vice president now directly owns 37,484 shares of the company’s stock, valued at $657,469.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey L. Ventura sold 8,767 shares of the 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 sale, the insider now directly owns 390,432 shares in the company, valued at $6,848,177.28. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in RRC. Dimensional Fund Advisors LP boosted its holdings in Range Resources by 162.5% during the first quarter. Dimensional Fund Advisors LP now owns 7,983,323 shares of the oil and gas exploration company’s stock worth $116,078,000 after buying an additional 4,942,378 shares in the last quarter. BlackRock Inc. lifted its holdings in Range Resources by 26.4% during the second quarter. BlackRock Inc. now owns 19,759,391 shares of the oil and gas exploration company’s stock valued at $330,575,000 after purchasing an additional 4,132,913 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Range Resources by 1,268.7% during the first quarter. Russell Investments Group Ltd. now owns 3,003,181 shares of the oil and gas exploration company’s stock valued at $43,655,000 after purchasing an additional 2,783,758 shares in the last quarter. Fisher Asset Management LLC purchased a new position in Range Resources during the first quarter valued at $36,978,000. Finally, ANTIPODES PARTNERS Ltd lifted its holdings in 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 valued at $97,541,000 after purchasing an additional 2,058,057 shares in the last quarter. 96.48% of the stock is currently 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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