Range Resources (NYSE:RRC) Receives a Downgrade
Scotia Howard Weil has given Range Resources (NYSE:RRC) shares a new “Sector Perform” rating in a very recent research note issued to clients on 14 December. This was a ratings downgrade from the old “Sector Outperform” rating.
From a total of 35 analysts covering Range Resources Corp. (NYSE:RRC) stock, 27 rate it a ”Buy”, 0 a “Sell”, and 11 a ”Hold”. This means that 71% of the ratings are positive. The highest target price is $72 while the lowest target price is $29. The mean of all analyst targets is $46.76 with a 117.62% above today’s ($21.57) stock price. Range Resources Corp. was the topic of 39 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. JP Morgan initiated shares on December 9 with “Neutral” rating. RBC Capital Markets maintained shares with “Sector Perform” rating and $47 target share price in a report from a November 4. Citigroup upgraded RRC stock in a recent report from November 4 to “Buy” rating. Citigroup maintained the rating on September 14. Citigroup has a “Neutral” rating and a $40 price target on shares. Finally, Guggenheim upgraded the stock to “Buy” rating in a report issued on a November 2.
Approximately 5.46 million shares of stock traded hands or 6.02% up from the average. Range Resources Corp. (NYSE:RRC) has declined 63.84% since May 11, 2015 and is downtrending. It has underperformed by 59.43% the S&P500.
The overall sentiment of institutions has decreased to 0.9 in Q2 2015. Its down 0.08, from 0.98 in 2015Q2. The ratio worsened, as 88 institutions have sold all the shares of Range Resources Corp. that they owned while 134 funds have taken shares off the table. 38 funds have purchased shares for the first time while 162 added to their positions. These institutions now hold 154.43 million shares or 10.14% less than the 171.85 million shares they owned in 2015Q2.
The Fund Mason Hill Advisors Llc currently is holding shares equating to 19.68% of its total portfolio in Range Resources Corp. representing a total of 847,727 shares. Another fund,Chapter Iv Investors Llc, is holding a total of 1.31 million shares equating to 14.67% of their holdings. Additionally, Sailingstone Capital Partners Llc has a 11.39 million share stake in Range Resources Corp. which represents 11.26% of their total portfolio. The Fund, Bocage Capital Llc, based out of California, has also built up a stake in the stock, which represents a total of 10.28% of their total portfolio. Finally Talara Capital Management Llc, a fund which is based in the state of New York reported a total holdings of 435,875 shares.
Insider activity is a very important aspect to track on any stock. Going back to March 31, 2015, shareholders of Range Resources Corp. have witnessed 0 insider buys, and a total of 2 insider sales equating to a net activity of approximately $464,715 . Ventura Jeffrey L sold 8,001 shares worth approximately $278,515. Poole David P sold 3,546 shares worth approximately $186,200. Walker Ray N Jr sold 19,598 shares worth approximately $1.12 million. Finkelson Allen sold 1,735 shares worth approximately $108,437. The company insider Linker Jonathan S sold 1,684 shares worth $101,394.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The company has a market cap of $3.85 billion. The Firm is engaged in the engaged in the exploration, development and acquisition of natural gas and oil properties, mostly in the Appalachian and Midcontinent regions of the United States. It currently has negative earnings. The Company’s properties consist of interests in developed and undeveloped natural gas and oil leases in these regions.
According to Zacks Investment Research, “Range Resources Corp. acquires, develops, and finances oil and gas properties in the U.S. They seek to build value primarily through lower-risk development drilling and acquisitions while to a lesser degree pursuing higher risk exploitation and exploration projects on their extensive inventory of undeveloped acreage. Through its wholly owned subsidiary, Independent Producer Finance, the company also provides financing to small oil and gas producers by purchasing term overriding royalty interests in their properties.”