Raymond James has revised its price target for Range Resources (RRC, Financial), dropping it from $55 to $43 while maintaining an Outperform rating on the company's stock. This adjustment comes in response to significant changes in the energy sector landscape since Exploration and Production (E&P) companies released their fourth-quarter results in late February.
The analyst notes that oil prices have fallen by approximately $10 per barrel, impacting the overall commodity market. This decline is partly attributed to the ongoing tariff disputes and recent decisions from OPEC+, which have created an uncertain environment for many energy firms. As a result, several management teams are adopting a cautious approach, preferring to wait and see how these factors play out in the near term.
Despite these challenges, Raymond James anticipates that the E&P sector, including companies like Range Resources, will deliver performance that aligns with expectations for the first quarter. The firm acknowledges the complex macroeconomic conditions but remains optimistic about the sector's resilience.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 25 analysts, the average target price for Range Resources Corp (RRC, Financial) is $41.70 with a high estimate of $55.00 and a low estimate of $22.55. The average target implies an upside of 22.01% from the current price of $34.18. More detailed estimate data can be found on the Range Resources Corp (RRC) Forecast page.
Based on the consensus recommendation from 27 brokerage firms, Range Resources Corp's (RRC, Financial) average brokerage recommendation is currently 2.5, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Range Resources Corp (RRC, Financial) in one year is $27.83, suggesting a downside of 18.58% from the current price of $34.18. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Range Resources Corp (RRC) Summary page.
