Range Resources Corp declines amid market weakness
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 18 2024
0mins
Should l Buy RRC?
Range Resources Corp experienced a price decline of 3.55%, hitting a 20-day low. This movement occurs as the broader market shows signs of weakness, with the Nasdaq-100 down 0.33% and the S&P 500 down 0.51%.
The decline in Range Resources Corp's stock price is attributed to sector rotation, as investors are shifting their focus away from energy stocks amid the overall market downturn. The stock's performance reflects the challenges faced by the sector in the current economic environment.
Investors may need to reassess their positions in Range Resources Corp as the company navigates through these market conditions. The current low could present a buying opportunity for those looking to invest in the energy sector, depending on future market trends.
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Analyst Views on RRC
Wall Street analysts forecast RRC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for RRC is 42.00 USD with a low forecast of 36.00 USD and a high forecast of 48.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
16 Analyst Rating
3 Buy
12 Hold
1 Sell
Hold
Current: 35.990
Low
36.00
Averages
42.00
High
48.00
Current: 35.990
Low
36.00
Averages
42.00
High
48.00
About RRC
Range Resources Corporation is an independent natural gas and natural gas liquids (NGLs) producer. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian region of the United States. Its principal area of operations is the Marcellus Shale in Pennsylvania. Its properties consist of interests in developed and undeveloped natural gas and oil leases. It owns approximately 1,431 net producing wells in Pennsylvania. It holds a portfolio of drilling opportunities and unbooked resource potential within the Marcellus, Utica/Point Pleasant and Upper Devonian formations. Its exploration and production operations are limited to the onshore United States. It has approximately 871,000 gross (763,000 net) acres under lease. Its subsidiaries include Range Resources-Appalachia, LLC, Range Resources-Pine Mountain, LLC, Range Production Company, LLC, Range Resources-Midcontinent, LLC and Range Resources-Louisiana, Inc.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Gold Prices Hit Record: Amid the Greenland crisis prompting safe-haven buying, gold prices surged by 1% to a new record high, reflecting increased market anxiety and heightened demand for gold as a store of value.
- Natural Gas Surge: Natural gas prices soared over 24% to a six-week high, driven by an Arctic cold front expected to boost heating demand, leading to significant gains in natural gas-producing stocks and showcasing the energy market's robust activity.
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