The Vanguard Group, Inc. recently announced the acquisition of new stake in Range Resources Corporation (NYSE:RRC). The institutional investor has increased its shareholding in the Energy company by 0.40% to 24.78 million shares with purchase of 98933.0 shares. This fresh investment now brings its stake to 10.26% valued currently at $705.87 million. In addition, Third Point LLC raised its holdings by 3.9 million to 3.9 million shares. And Contrarius Investment Management has lifted its position by 3.63% or 0.13 million shares – to 3.82 million shares.
With over 5.8 million Range Resources Corporation (RRC) shares trading Tuesday and a closing price of $30.22 on the day, the dollar volume was approximately $175.42 million. The shares have shown a positive half year performance of 4.24% and its price on 11/22/22 gained nearly 7.13%. Currently, there are 239.77M common shares owned by the public and among those 234.24M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for RRC have a consensus price objective of $37.65. The analysts have set the share’s price value over the next 12 months at a high of $52.00 and a low of $25.00. The average price target is 19.95% above its recent price level and a downside to the estimated low will see the stock lose -20.88% over that period. But an upside of 41.88% will see the stock hit the forecast high price target while median target price for the stock is $38.00.
Insiders at the company have transacted a total of 44 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 1,082,969 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 575,449 shares.
The top 3 mutual fund holders in Range Resources Corporation are Vanguard Total Stock Market Index, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 7.5 million shares of the company’s stock, all valued at over $213.74 million. The company bought an additional 21807.0 shares recently to bring their total holdings to about 3.11% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 2894.0 shares to see its total holdings expand to 7.45 million shares valued at over $212.07 million and representing 3.08% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.1 million shares to bring its total holdings to over 6.44 million shares at a value of $183.53 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.67% of the shares outstanding.
Shares of Range Resources Corporation (NYSE: RRC) opened at $28.60, up $0.39 from a prior closing price of $28.21. However, the script later moved the day high at 30.31, up 7.13%. The company’s stock has a 5-day price change of 2.93% and -13.04% over the past three months. RRC shares are trading 69.49% year to date (YTD), with the 12-month market performance up to 44.18% higher. It has a 12-month low price of $16.71 and touched a high of $37.44 over the same period. RRC has an average intraday trading volume of 4.19 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.01%, 8.46%, and 4.49% respectively.
Institutional ownership of Range Resources Corporation (NYSE: RRC) shares accounts for 91.00% of the company’s 239.77M shares outstanding. Mutual fund holders own 35.92%, while other institutional holders and individual stakeholders account for 52.36% and 21.79% respectively.
It has a market capitalization of $7.36B and a beta (3y monthly) value of 2.13. The stock’s trailing 12-month PE ratio is 6.37, while the earnings-per-share (ttm) stands at $4.74. The company has a PEG of 0.18 and the debt-to-equity ratio at 1.09. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.21% over the week and 5.48% over the month.
Analysts forecast that Range Resources Corporation (RRC) will achieve an EPS of $1.42 for the current quarter, $1.59 for the next quarter and $5.11 for 2023. The lowest estimate earnings-per-share for the quarter is $1 while analysts give the company a high EPS estimate of $1.83. Comparatively, EPS for the current quarter was $0.96 a year ago. Earnings per share for the fiscal year are expected to increase by 154.60%, and -4.21% over the next financial year. EPS should grow at an annualized rate of 35.64% over the next five years, compared to 20.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Range Resources Corporation (RRC) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 14 of the 26 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the RRC, a number of firms have released research notes about the stock. Susquehanna stated their Positive rating for the stock in a research note on October 26, 2022, with the firm’s price target at $38. Stifel coverage for the Range Resources Corporation (RRC) stock in a research note released on October 25, 2022 offered a Buy rating with a price target of $32. Jefferies was of a view on October 19, 2022 that the stock is Hold, while TD Securities gave the stock Buy rating on September 29, 2022, issuing a price target of $32- $33. Scotiabank on their part issued Sector Perform rating on July 25, 2022.