Range Resources (NYSE:RRC) Price Target Raised to $32.00

Range Resources (NYSE:RRC) had its target price increased by Piper Sandler from $30.00 to $32.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s price target would suggest a potential downside of 13.91% from the stock’s previous close.

Several other brokerages also recently commented on RRC. Stephens upped their price target on shares of Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Bank of America raised shares of Range Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $34.00 to $45.00 in a research report on Monday, January 13th. Citigroup boosted their price objective on shares of Range Resources from $33.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Wolfe Research raised shares of Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research report on Friday, January 3rd. Finally, Truist Financial upped their price target on shares of Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, Range Resources has a consensus rating of “Hold” and an average target price of $37.33.

Range Resources Stock Performance

Shares of NYSE:RRC opened at $37.17 on Wednesday. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 18.77 and a beta of 1.81. Range Resources has a 12 month low of $27.29 and a 12 month high of $41.95. The firm’s 50-day moving average is $36.42 and its 200 day moving average is $32.85. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28.

Hedge Funds Weigh In On Range Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Howland Capital Management LLC purchased a new position in Range Resources during the fourth quarter valued at $205,000. Entropy Technologies LP purchased a new position in shares of Range Resources in the fourth quarter worth about $272,000. Empowered Funds LLC lifted its stake in shares of Range Resources by 1.2% in the fourth quarter. Empowered Funds LLC now owns 74,288 shares of the oil and gas exploration company’s stock worth $2,673,000 after buying an additional 845 shares in the last quarter. Calamos Advisors LLC purchased a new position in shares of Range Resources in the fourth quarter worth about $567,000. Finally, Alliance Wealth Advisors LLC UT increased its position in Range Resources by 7.3% during the fourth quarter. Alliance Wealth Advisors LLC UT now owns 19,973 shares of the oil and gas exploration company’s stock worth $719,000 after purchasing an additional 1,367 shares during the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.