The Goldman Sachs Group Issues Pessimistic Forecast for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its target price cut by stock analysts at The Goldman Sachs Group from $44.00 to $39.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 7.32% from the company’s current price.

A number of other research analysts have also commented on the company. Piper Sandler upped their target price on Range Resources from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Zacks Research lowered shares of Range Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 9th. Bank of America increased their price objective on shares of Range Resources from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, April 21st. Freedom Capital raised shares of Range Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, April 24th. Finally, Barclays lifted their target price on shares of Range Resources from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $43.33.

Range Resources Stock Down 3.3%

NYSE RRC opened at $36.34 on Tuesday. Range Resources has a twelve month low of $32.60 and a twelve month high of $48.31. The stock has a market cap of $8.56 billion, a PE ratio of 9.61 and a beta of 0.42. The firm has a 50-day simple moving average of $40.05 and a 200 day simple moving average of $39.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.55.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.27. Range Resources had a return on equity of 18.64% and a net margin of 26.09%.The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $898.20 million. During the same period in the previous year, the company posted $0.96 earnings per share. The company’s quarterly revenue was up 49.8% compared to the same quarter last year. On average, research analysts forecast that Range Resources will post 3.71 EPS for the current year.

Insider Activity

In related news, Director Brenda A. Cline sold 7,000 shares of Range Resources stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $44.40, for a total transaction of $310,800.00. Following the completion of the transaction, the director directly owned 28,668 shares of the company’s stock, valued at $1,272,859.20. This trade represents a 19.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by company insiders.

Institutional Trading of Range Resources

Several hedge funds have recently modified their holdings of RRC. Parallel Advisors LLC boosted its holdings in shares of Range Resources by 24.4% in the 1st quarter. Parallel Advisors LLC now owns 5,142 shares of the oil and gas exploration company’s stock worth $232,000 after acquiring an additional 1,007 shares in the last quarter. Glenmede Trust Co. NA increased its holdings in Range Resources by 50.6% during the 1st quarter. Glenmede Trust Co. NA now owns 14,989 shares of the oil and gas exploration company’s stock valued at $677,000 after purchasing an additional 5,037 shares in the last quarter. Western Wealth Management LLC acquired a new stake in Range Resources during the 1st quarter valued at $59,000. Bank of America Corp DE raised its position in Range Resources by 12.9% in the 1st quarter. Bank of America Corp DE now owns 1,633,203 shares of the oil and gas exploration company’s stock valued at $73,788,000 after purchasing an additional 187,195 shares during the last quarter. Finally, Kentucky Retirement Systems bought a new position in Range Resources in the 1st quarter valued at $610,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.