UPDATE: RBC Capital Upgrades Range Resources (RRC) to Outperform

(Updated - June 10, 2021 9:18 AM EDT)

RBC Capital analyst Brad Heffern upgraded Range Resources (NYSE: RRC) from Sector Perform to Outperform with a price target of $20.00 (from $15.00).

The analyst comments "We are upgrading RRC to Outperform from Sector Perform based on our updated commodity price forecast (here) and in particular for RRC, its exposure to a more bullish NGL macro. We also see RRC shares trading at an attractive valuation with a marked discount to its peers. The NGL price tailwind could accelerate RRC's debt reduction quicker than investor expectations and allow the company to reach its leverage target by mid-2022, a catalyst for shareholder returns."

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 $15.26 yesterday.

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