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Imperial Capital Starts Range Resources (RRC) at Outperform; Sees 48% Upside

September 30, 2014 6:15 AM EDT
Get Alerts RRC Hot Sheet
Price: $32.14 --0%

Rating Summary:
    25 Buy, 21 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 5 | New: 36
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Imperial Capital initiates coverage on Range Resources (NYSE: RRC) with a Outperform rating and a price target of $100.00.

Analyst Bob Christensen comments, "Our price target is about 48% above the recent share price. With over 14,000 highly productive, low-risk wells (over 90% wells commercial) yet to drill in just its core SW PA Marcellus shale acreage and with improving drilling and completion techniques leading to ever greater cost efficiencies, we believe RRC will remain a top performer in the U.S. natural gas E&P industry. On a “stacked pay” basis, RRC also has considerable exposure to the Upper Devonian and Utica Shale plays. Finally, RRC’s marketing team has successfully matched its fast production profile with markets. Better realized pricing is likely, alleviating “basis-risk,” which has been a challenge for many other Appalachian producers."

For an analyst ratings summary and ratings history on Range Resources click here. For more ratings news on Range Resources click here.

Shares of Range Resources closed at $68.67 yesterday.



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