Capital One Southcoast Starts Range Resources (RRC) at Strong Buy
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Capital One Southcoast initiates coverage on Range Resources (NYSE: RRC) with a Strong Buy rating and a $92 price target.
Despite being up 33% year-to-date and 87% over 2007, the firm believes that Range Resources will still see upside and expects the company to "be another top performing stock for the next several years."
Capital One's $92 price target on Range Resources consists of $53 of proved reserves, $10 in Barnett Shale unbooked upside, $28 in Appalachian Marcellus Shale upside, $8 in Nora/Haysi unbooked upside and $2 in other assets, minus $9 per share in debt. Notably, the firm believes that if Range Resources continues to see strength in its Appalachian Marcellus Shale, the company's assets for this segment could "see considerable upside" from Capital One's estimate of $28 per share.
Range Resources Corporation, an independent oil and gas company, engages in the exploration, development, and acquisition of oil and gas properties primarily in the southwestern, Appalachian, and Gulf Coast regions of the United States.
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