KLR Group upgraded Range Resources (NYSE: RRC) from to Buy with a price target of $53.00.

Analyst John Gerdes commented, "We are upgrading Range from Accumulate to Buy. Our $53 per share RRC target price is unchanged following minor model refinements. RRC has depreciated approximately 10% since our early May downgrade and now has over 30% equity value upside thus meriting an upgrade to Buy. Our 3Q/16 production expectation of ~1.43 Bcfepd (~35% liquids) is in line with company guidance (1.43 Bcfepd).

Range anticipates closing the Memorial Resource Development (MRD, $14.25, H, $15.75) stock-for-stock acquisition by the end of the third quarter. Memorial’s 1Q/16 production was approximately 420 Mmcfepd (~73% gas, ~21% NGLs, ~6% oil)."

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 $40.48 yesterday.