Trade Report: The Range Resources Corp. (RRC) Stock Rating Upgrade by Goldman Sachs Group Inc.

The Range Resources Corp. (RRC) Stock Rating Upgrade by Goldman Sachs Group Inc.

Range Resources Corp. (NYSE:RRC) was upgraded by stock analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “conviction-buy” rating in a research report issued to clients and investors on Monday, The Fly reports.

RRC has been the subject of several other research reports. Credit Suisse Group AG reiterated an “outperform” rating and issued a $49.00 target price on shares of Range Resources Corp. in a report on Wednesday, September 21st. Imperial Capital dropped their target price on shares of Range Resources Corp. from $55.00 to $50.00 and set an “outperform” rating for the company in a report on Friday. BMO Capital Markets downgraded shares of Range Resources Corp. from an “outperform” rating to a “market perform” rating in a research note on Friday, July 29th. Stifel Nicolaus restated a “buy” rating and issued a $52.00 price target on shares of Range Resources Corp. in a research note on Friday, September 30th. Finally, Simmons assumed coverage on shares of Range Resources Corp. in a research note on Wednesday, July 13th. They issued an “overweight” rating and a $52.00 price target for the company. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Range Resources Corp. presently has a consensus rating of “Buy” and an average price target of $43.64.

Shares of Range Resources Corp. (NYSE:RRC) opened at 34.51 on Monday. The firm’s 50-day moving average price is $38.25 and its 200 day moving average price is $40.66. The company’s market capitalization is $8.41 billion. Range Resources Corp. has a 52 week low of $19.21 and a 52 week high of $46.96.

Range Resources Corp. (NYSE:RRC) last posted its earnings results on Tuesday, October 25th. The oil and gas exploration company reported ($0.06) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.10. Range Resources Corp. had a negative net margin of 54.13% and a negative return on equity of 13.00%. The firm earned $413 million during the quarter, compared to the consensus estimate of $152.84 million. During the same quarter last year, the firm earned $0.03 EPS. The firm’s revenue for the quarter was down 13.9% on a year-over-year basis. Equities analysts predict that Range Resources Corp. will post ($0.28) EPS for the current year.

In related news, Director Gregory Gene Maxwell bought 1,000 shares of the stock in a transaction on Tuesday, September 27th. The shares were bought at an average cost of $37.00 per share, for a total transaction of $37,000.00. Following the completion of the transaction, the director now owns 12,211 shares of the company’s stock, valued at approximately $451,807. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Ray N. Walker, Jr. sold 13,350 shares of the company’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $37.53, for a total transaction of $501,025.50. Following the transaction, the chief operating officer now owns 42,598 shares in the company, valued at $1,598,702.94. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of RRC. Northwestern Mutual Wealth Management Co. increased its stake in shares of Range Resources Corp. by 49.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,322 shares of the oil and gas exploration company’s stock valued at $100,000 after buying an additional 769 shares during the period. AXA increased its stake in shares of Range Resources Corp. by 26.4% in the first quarter. AXA now owns 3,128 shares of the oil and gas exploration company’s stock valued at $101,000 after buying an additional 653 shares during the period. CENTRAL TRUST Co increased its stake in shares of Range Resources Corp. by 997.2% in the third quarter. CENTRAL TRUST Co now owns 2,743 shares of the oil and gas exploration company’s stock valued at $106,000 after buying an additional 2,493 shares during the period. SevenBridge Financial Group LLC acquired a new stake in shares of Range Resources Corp. during the second quarter valued at about $115,000. Finally, FNY Managed Accounts LLC acquired a new stake in shares of Range Resources Corp. during the third quarter valued at about $116,000.

About Range Resources Corp.

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.

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