Stifel Reiterates Buy on Range Resources (RRC) Following Bottom-Up Analysis
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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."
Shares of Range Resources closed at $38.62 yesterday.
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