Range Resources price target raised to $46 from $41 at JPMorgan

JPMorgan raised the firm’s price target on Range Resources (RRC) to $46 from $41 and keeps an Underweight rating on the shares. The firm says oil market fundamentals “shifted on a dime” due to the Middle East conflict. The war has significantly reduced global productive capacity and “quickly evaporated the risk” of a supply glut in 2026 following the closure of the Strait of Hormuz, the analyst tells investors in a research note. JPMorgan would not be surprised to see a $5-$10 per barrel geopolitical risk premium embedded into the long-end of the oil price curve.