Ranger Oil cut to Hold at Truist on weaker than expected production

As previously reported, Truist analyst Neal Dingmann downgraded Ranger Oil to Hold from Buy with a price target of $43, down from $52, after its Q4 results. The analyst cites the company’s weaker than expected production, even though Ranger Oil "continued to deliver solid free cash flows", returning cash to investors with opportunistic buybacks and a quarterly dividend. The firm further cites Ranger Oil’s previously announced merger while noting that there is little upside remaining to its new price target for the stock.