EU and US could reach trade deal this weekend - Reuters
In a notable performance, Range Resources Corp (NYSE:RRC) stock has reached a 52-week high, touching $39.34. This peak reflects a robust year-over-year growth, with the company's stock value surging by 27.35%. According to InvestingPro data, nine analysts have recently revised their earnings expectations upward, with analyst targets ranging from $22.13 to $45.00 per share. Investors have shown increased confidence in Range Resources, propelling the stock to this new high, which marks a significant milestone for the company. The 52-week high serves as a testament to Range Resources' strong market position and the positive sentiment surrounding its performance and future prospects. With a market capitalization of $9.48 billion and a P/E ratio of 19.43, InvestingPro analysis suggests the stock is currently trading slightly above its Fair Value. Discover more insights and detailed valuation metrics in the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Range Resources has been the focus of several analysts' updates. BofA Securities upgraded the stock from Neutral to Buy, raising the price target to $45 based on the company's strong fundamentals and growth potential. Concurrently, RBC Capital Markets increased its price target for Range Resources from $35.00 to $40.00, retaining its Sector Perform rating. This adjustment reflects improved investor sentiment regarding the future of natural gas prices.
Stephens, a financial services firm, also increased its stock price target for Range Resources from $37.00 to $39.00, influenced by the anticipation of continued growth in international natural gas liquids (NGL) demand.
In recent developments, Range Resources reported a robust Q3 performance, maintaining a production level of 2.2 billion cubic feet equivalent per day (bcfe/d) and forecasting similar production levels for Q4. The company's annual average production is expected to surpass previous guidance, landing around 2.17 bcfe/d. Furthermore, Range Resources invested $156 million in Q3, supporting dividends, share buybacks, and a significant reduction in net debt.
Looking ahead, Range Resources plans to continue its operational efficiency with two horizontal rigs and maintain a single frac crew in 2025, emphasizing capital flexibility. These updates provide a snapshot of the recent developments at Range Resources.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.