TD Cowen analyst David Deckelbaum maintained a Hold rating on Range Resources today and set a price target of $42.00.
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David Deckelbaum has given his Hold rating due to a combination of factors related to Range Resources’ recent performance and future guidance. The company’s production levels were slightly above expectations, yet their EBITDAX fell short due to lower realized pricing for natural gas liquids. Despite maintaining their capital expenditure guidance, the actual spending was higher than anticipated, which could raise concerns about cost management.
Additionally, while Range Resources has shown a commitment to returning value to shareholders through share repurchases and dividends, the overall financial performance, including a significant net debt position, suggests a cautious outlook. The adjustments in pricing guidance and the relatively unchanged hedge book also contribute to a conservative stance. These elements combined lead to a Hold rating, reflecting a balanced view of potential risks and rewards for investors.
In another report released today, Roth MKM also maintained a Hold rating on the stock with a $36.00 price target.