Yahoo Finance Analyst Forecasts for Range Resources after 1Q16 Earnings
Is Range Resources' Rally Justified after Its 1Q16 Earnings?
Wall Street analysts’ ratings for Range Resources
Currently, ~47% of Wall Street analysts rate Range Resources (RRC) as a “buy” and ~47% of analysts rate it as a “hold.” Around 6% rate the stock a “sell.” The median price target from these recommendations is $38.69, which is ~5% lower than its April 28, 2016, closing price of $40.75.
Based on the median price targets of recommendations from analysts, upstream companies Pioneer Natural Resources (PXD), EOG Resources (EOG), and Marathon Oil (MRO) have potential upsides of ~9%, ~1%, and ~2%, respectively, from their April 28, 2016, closing prices.
The SPDR S&P Oil and Gas Exploration & Production ETF (XOP) generally invests at least 80% of its total assets in oil and gas exploration companies The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3x Shares ETF (DRIP) is a leveraged inverse ETF that invests in oil and gas exploration and production companies.
Range Resources’ individual recommendations
The above table shows the analyst forecasts for Range Resources following its latest earnings release. The most recent recommendation of “outperform” comes from Bernstein, which was issued on April 29, 2016. Bernstein assigned Range Resources the target price of $39.00, which is ~4% lower than its April 28, 2016, closing price of $40.75. Bernstein did not mention any target date for the target price.
Range Resources’ lowest target price
The lowest target price for Range Resources comes from Barclays. It assigned Range Resources the target price of $24.00, which is ~41% lower than the April 28 closing price of $40.75. Barclays issued its Range Resources recommendation on April 28, 2016, and it expects it to reach the target price within the next 12 months from the date of recommendation.
In the final part of this series, let’s see how RRC’s stock price could move after its 1Q16 earnings.
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