Range Resources (NYSE:RRC) Lifted to Buy at Bank of America

Bank of America upgraded shares of Range Resources (NYSE:RRC) from a neutral rating to a buy rating in a report issued on Monday, The Fly reports.

Other equities research analysts have also issued reports about the company. Mizuho assumed coverage on Range Resources in a research report on Wednesday, July 22nd. They set a neutral rating and a $5.50 price target on the stock. Morgan Stanley increased their price target on shares of Range Resources from $4.00 to $7.00 and gave the stock an underweight rating in a research note on Friday, August 21st. Scotiabank boosted their price target on Range Resources from $6.25 to $7.50 and gave the company a sector perform rating in a report on Wednesday, August 5th. Credit Suisse Group began coverage on Range Resources in a research note on Tuesday, August 4th. They issued a sell rating and a $4.00 price objective on the stock. Finally, Wolfe Research raised Range Resources from a peer perform rating to an outperform rating in a research report on Wednesday, August 12th. Six equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $6.12.

Shares of RRC stock opened at $7.76 on Monday. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -1.05 and a beta of 2.78. The stock has a fifty day moving average of $7.72 and a 200 day moving average of $6.76. Range Resources has a 52 week low of $1.61 and a 52 week high of $9.41. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 1.36.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Thursday, October 29th. The oil and gas exploration company reported ($0.05) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.03). The company had revenue of $299.35 million during the quarter, compared to the consensus estimate of $511.83 million. Range Resources had a negative return on equity of 0.43% and a negative net margin of 79.81%. Range Resources’s quarterly revenue was down 51.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) earnings per share. Equities research analysts anticipate that Range Resources will post -0.06 earnings per share for the current year.

Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in Range Resources by 32.8% in the 1st quarter. Geode Capital Management LLC now owns 3,057,159 shares of the oil and gas exploration company’s stock worth $6,970,000 after acquiring an additional 755,553 shares during the last quarter. Wells Fargo & Company MN increased its position in Range Resources by 13.4% in the first quarter. Wells Fargo & Company MN now owns 357,753 shares of the oil and gas exploration company’s stock worth $816,000 after purchasing an additional 42,159 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Range Resources by 5.3% during the first quarter. Thrivent Financial for Lutherans now owns 174,896 shares of the oil and gas exploration company’s stock valued at $399,000 after purchasing an additional 8,731 shares in the last quarter. Two Sigma Advisers LP bought a new position in Range Resources during the first quarter valued at $283,000. Finally, Squarepoint Ops LLC grew its stake in shares of Range Resources by 33.8% in the 1st quarter. Squarepoint Ops LLC now owns 239,541 shares of the oil and gas exploration company’s stock worth $546,000 after buying an additional 60,451 shares in the last quarter.

Range Resources Company Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company in the United States. The company 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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