Stifel Reiterates Buy on Range Resources (RRC) Following Bottom-Up Analysis

September 29, 2016 9:14 AM EDT
Get Alerts RRC Hot Sheet
Price: $38.05 -0.44%

Rating Summary:
    26 Buy, 17 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 15 | New: 18
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Stifel reiterated a Buy rating and $52.00 price target on Range Resources (NYSE: RRC) following a bottom-up analysis. Following the analysis, Stifel concluded that the street's production estimates were too low if RRC maintains 8-rig drilling program and raised estimates up 7% to 2.28 Bcfe/d.

Analyst Michael Scialla commented, "We are raising our 2017 production forecast to 2.28 Bcfe/d, 7% above our previous estimate, 12% above street consensus, and 47% above our 2016 forecast. Our estimate implies annual organic growth of 11% y/y from the company’s legacy properties, 48% y/y from the MRD assets, and 20% pro forma the MRD acquisition."

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 $38.62 yesterday.



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