Benchmark Co. analyst Subash Chandra has maintained their neutral stance on RRC stock, giving a Hold rating today.
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Subash Chandra has given his Hold rating due to a combination of factors impacting Range Resources. The company’s reported adjusted EBITDA was slightly below consensus but above Benchmark’s expectations, primarily due to lower lease operating expenses. This indicates some operational efficiency, although the overall financial performance was mixed.
Additionally, Range Resources managed to reduce its capital expenditure forecast, which suggests a focus on capital-efficient growth. The company also repurchased shares and reduced debt, showing prudent financial management. However, despite these positive steps, the overall market conditions and the company’s future growth plans warrant a cautious approach, leading to the Hold rating.
In another report released today, Barclays also maintained a Hold rating on the stock with a $44.00 price target.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RRC in relation to earlier this year.