Range Resources (NYSE:RRC) Shares Gap Down to $4.44

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Range Resources Corp. (NYSE:RRC)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $4.53, but opened at $4.44. Range Resources shares last traded at $4.34, with a volume of 9,451,540 shares.

Several research firms have recently issued reports on RRC. Susquehanna Bancshares lowered their price objective on Range Resources from $11.00 to $8.50 and set a “positive” rating for the company in a research report on Monday, July 29th. Guggenheim cut Range Resources from a “buy” rating to a “neutral” rating in a research report on Thursday, April 25th. Zacks Investment Research cut Range Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, May 22nd. Morgan Stanley set a $4.00 target price on Range Resources and gave the company a “sell” rating in a research report on Monday, June 24th. Finally, TD Securities decreased their target price on Range Resources from $7.50 to $5.50 and set a “hold” rating for the company in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $14.53.

The company has a market capitalization of $1.09 billion, a P/E ratio of 3.84, a P/E/G ratio of 2.92 and a beta of 0.94. The firm’s fifty day simple moving average is $5.60. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.70 and a current ratio of 0.75.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.01. The company had revenue of $851.43 million for the quarter, compared to analysts’ expectations of $672.93 million. Range Resources had a positive return on equity of 4.66% and a negative net margin of 45.91%. The firm’s revenue was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 earnings per share. On average, analysts forecast that Range Resources Corp. will post 0.44 EPS for the current fiscal year.

In other Range Resources news, VP David P. Poole sold 5,843 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $5.69, for a total value of $33,246.67. Following the transaction, the vice president now owns 58,196 shares of the company’s stock, valued at $331,135.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Scucchi purchased 12,955 shares of the company’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $4.36 per share, for a total transaction of $56,483.80. Following the acquisition, the chief financial officer now directly owns 14,149 shares of the company’s stock, valued at approximately $61,689.64. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. NumerixS Investment Technologies Inc bought a new stake in Range Resources in the second quarter worth $248,000. Tower Research Capital LLC TRC raised its position in Range Resources by 209.7% in the second quarter. Tower Research Capital LLC TRC now owns 13,340 shares of the oil and gas exploration company’s stock worth $93,000 after purchasing an additional 9,033 shares in the last quarter. Earnest Partners LLC raised its position in Range Resources by 5.5% in the second quarter. Earnest Partners LLC now owns 202,358 shares of the oil and gas exploration company’s stock worth $1,412,000 after purchasing an additional 10,537 shares in the last quarter. BlackRock Inc. raised its position in Range Resources by 1.7% in the second quarter. BlackRock Inc. now owns 19,504,968 shares of the oil and gas exploration company’s stock worth $136,144,000 after purchasing an additional 324,328 shares in the last quarter. Finally, HighTower Advisors LLC raised its position in Range Resources by 180.5% in the second quarter. HighTower Advisors LLC now owns 289,629 shares of the oil and gas exploration company’s stock worth $2,025,000 after purchasing an additional 186,371 shares in the last quarter.

About Range Resources (NYSE:RRC)

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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