Guggenheim Keeps Their Buy Rating on Range Resources Corp (RRC)

By Jason Carr

Guggenheim analyst Subash Chandra reiterated a Buy rating on Range Resources Corp (NYSE: RRC) yesterday and set a price target of $22. The company’s shares opened today at $17.30.

According to TipRanks.com, Chandra is a 4-star analyst with an average return of 7.5% and a 48.9% success rate. Chandra covers the Basic Materials sector, focusing on stocks such as Wildhorse Resource Development Corp, Anadarko Petroleum, and Devon Energy Corp.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Range Resources Corp with a $22.57 average price target, representing a 30.5% upside. In a report issued on October 18, B.Riley FBR also maintained a Buy rating on the stock with a $29 price target.

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Based on Range Resources Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $79.91 million. In comparison, last year the company had a GAAP net loss of $128 million.

Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RRC in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Range Resources Corp. engages in the exploration, development, and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions. The company was founded in 1976 and is headquartered in Fort Worth, TX.