UBS Raises Price Target on Range Resources (RRC) on New Shale Details

UBS maintains a 'Neutral' on Range Resources (NYSE: RRC) price target of $67.00 (from $62.00).

Analyst, William A. Featherston, said, "RRC disclosed in a new presentation economics for its dry gas Marcellus position in Southwest Penn. where it holds 235,000 net acres. It unveiled EURs of 7.5 Bcfe per well in the dry gas portion of the SW Marcellus, well above our prior 4.37 Bcfe estimate. This raises our NAV by nearly $13/sh, but has little impact on near-term cash flow as we estimate RRC will run only 1 rig in 2013 slowing reaching 8 by 2020."

Maintains FY12 EPS estimate of $4.55 and FY13 of $6.20.

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 $66.13 yesterday.

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