Range Resources (NYSE:RRC) Stock Rating Lowered by Freedom Broker

Range Resources (NYSE:RRC) was downgraded by equities researchers at Freedom Broker from a “strong-buy” rating to a “hold” rating in a research note issued on Monday, Zacks reports.

A number of other equities research analysts have also weighed in on the stock. Raymond James Financial restated an “outperform” rating and issued a $48.00 price objective on shares of Range Resources in a report on Friday, October 23rd. Citigroup reaffirmed a “neutral” rating on shares of Range Resources in a research note on Thursday, July 23rd. Weiss Ratings lowered shares of Range Resources from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday. BMO Capital Markets reiterated a “market perform” rating on shares of Range Resources in a research report on Monday, October 5th. Finally, UBS Group decreased their target price on shares of Range Resources from $49.00 to $44.00 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nineteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Range Resources has a consensus rating of “Hold” and a consensus price target of $46.22.

Range Resources Price Performance

Shares of Range Resources stock opened at $53.91 on Monday. The firm has a market capitalization of $12.60 billion, a PE ratio of 14.30 and a beta of 0.64. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Range Resources has a 12 month low of $32.68 and a 12 month high of $56.90. The business’s 50-day moving average price is $42.70 and its 200-day moving average price is $40.53.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. The company had revenue of $842.83 million during the quarter, compared to the consensus estimate of $795.19 million. Range Resources had a return on equity of 19.15% and a net margin of 25.25%. Range Resources’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. Sell-side analysts forecast that Range Resources will post 3.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Range Resources

Institutional investors have recently added to or reduced their stakes in the company. Ethic Inc. lifted its position in shares of Range Resources by 49.5% in the 3rd quarter. Ethic Inc. now owns 10,368 shares of the oil and gas exploration company’s stock worth $384,000 after purchasing an additional 3,433 shares during the period. Privium Fund Management B.V. purchased a new position in shares of Range Resources during the third quarter valued at about $265,000. Heritage Family Offices LLP purchased a new position in shares of Range Resources during the third quarter valued at about $27,000. Kestra Advisory Services LLC increased its position in shares of Range Resources by 43.3% during the third quarter. Kestra Advisory Services LLC now owns 7,750 shares of the oil and gas exploration company’s stock valued at $287,000 after buying an additional 2,342 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in shares of Range Resources by 0.8% during the third quarter. Commonwealth Equity Services LLC now owns 50,131 shares of the oil and gas exploration company’s stock valued at $1,857,000 after buying an additional 375 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company’s activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.