Kalei Akamine, an analyst from Bank of America Securities, maintained the Buy rating on Range Resources. The associated price target remains the same with $47.00.
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Kalei Akamine has given his Buy rating due to a combination of factors that highlight Range Resources’ strong financial performance and strategic positioning. The company reported adjusted EBITDA and net cash from operations that were close to or exceeded consensus expectations, demonstrating its operational efficiency. Additionally, Range Resources’ production levels, particularly in natural gas and NGL, surpassed both consensus and Bank of America’s estimates, indicating robust production capabilities.
Furthermore, the company has shown capital discipline by reducing its capital expenditure guidance while maintaining or slightly improving its production and expense guidance. This capital efficiency has allowed Range Resources to generate significant free cash flow, which has been used to return cash to shareholders and reduce net debt, thereby strengthening its balance sheet. With a favorable outlook on demand growth and the company’s ability to capitalize on its high-quality inventory, Akamine sees Range Resources as well-positioned to continue delivering value to shareholders.
In another report released yesterday, Roth MKM also maintained a Buy 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.