Fidelity Management & Research Co has recently announced that it has increased stake in Range Resources Corp (NYSE:RRC) by 1.32%. After grabbing 32.56 million shares, the institutional investor is now in possession of 0.43 million shares of the Energy Company. The new investment brought the stake of investor firm to 13.49% having worth around $1.17 billion. Moreover, T. Rowe Price Associates, Inc. increased its share by 4.24 million to have a control over 26.79 million shares. And BlackRock Fund Advisors raised its holdings to 0.1 million shares by acquiring 19.59 million shares or 8.12% of the stake.
Range Resources Corp (RRC) concluded trading on 11/29/23 at a closing price of $32.11, with 3.8 million shares of worth about $121.97 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 17.32% during that period and on Wednesday the price saw a loss of about -1.02%. Currently the company’s common shares owned by public are about 238.89M shares, out of which, 234.11M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 29 analysts are covering the RRC stock and their offered price forecasts bring an average price target of $37.15. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $49.00 and could fall to a lowest price of $21.00. The stock’s current price level is 13.57% above of average price target set by the analysts, while a rise to estimated low would result in loss of -52.9% for the stock. However, touching the estimated high of $49.00 would mean a gain of 34.47% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 40 times over the past 12 months. They bought 1,694,420 shares in 22 of the transactions. In 18 selling transactions, insiders dumped 915,000 shares.
T Rowe Price Value Fund, iShares Core S&P Mid Cap ETF, and Vanguard Total Stock Market ETF are the top 3 mutual funds which are holding stakes in Range Resources Corp T Rowe Price Value Fund is currently holding 8.18 million shares of worth totaling $293.18 million. The company recently came buying 0.76 million shares which brought its stake up to 3.39% of the company’s outstanding shares. Vanguard Total Stock Market ETF, after buying 7.18 million shares, have now control over 2.98% of the stake in the company. It holds 11935.0 shares of worth $257.47 million.
Range Resources Corp (NYSE: RRC) started trading at $32.62, above $0.18 from concluding price of the previous day. However, the stock later moved at a day high price of 32.72, or with a loss of -1.02%. Stock saw a price change of -2.61% in past 5 days and over the past one month there was a price change of -7.20%. Year-to-date (YTD), RRC shares are showing a performance of 28.34% which increased to 13.34% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $22.61 but also hit the highest price of $37.88 during that period. The average intraday trading volume for Range Resources Corp shares is 2.64 million. The stock is currently trading -6.03% below its 20-day simple moving average (SMA20), while that difference is down -4.18% for SMA50 and it goes to 8.49% higher than SMA200.
Fidelity Management & Research Co acquired 32.56 million shares of Range Resources Corp having value of about $1.17 billion. Data submitted at the U.S SEC by Fidelity Management & Research Co revealed that the firm now holds 0.43 million shares in the company valued at close to $13647103.21, or have control over 1.32% stake in the company. Range Resources Corp (NYSE: RRC) currently have 238.89M outstanding shares and institutions hold larger chunk of about 97.17% of that. Holding of mutual funds in the company is about 38.53% while other institutional holders and individual stake holders have control over 58.88% and 22.11% of the stake respectively.
The stock has a current market capitalization of $7.75B and its 3Y-monthly beta is at 1.98. PE ratio of stock for trailing 12 months is 5.75, while it has posted earnings per share of $5.58 in the same period. Its PEG reads 0.47 and has Quick Ratio of 0.93 while making debt-to-equity ratio of 0.52. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for RRC, volatility over the week remained 2.79% while standing at 3.12% over the month.
Analysts are in expectations that Range Resources Corp (RRC) stock would likely to be making an EPS of $0.51 in the current quarter, while forecast for next quarter EPS is $0.87 and it is $3.2 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.38 which is $0.75 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.3 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -55.96% while it is estimated to increase by 38.88% in next year. EPS is likely to shrink at an annualized rate of 12.20% for next 5-years, compared to annual growth of 28.47% made by the stock over the past 5-years.
Analysts at 29 brokerage firms have issued recommendations for the Range Resources Corp (RRC)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.31. Out of those 29 Wall Street analysts, 12 recommended a “Buy” rating, while 12 were in favor recommending the stock as a “Hold” and 3 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Raymond James on October 24, 2023 offering an Outperform rating for the stock and assigned a target price of $41 to it.
