B.Riley FBR Reaffirms Their Buy Rating on Range Resources Corp (RRC)

By Ryan Adsit

B.Riley FBR analyst Rehan Rashid maintained a Buy rating on Range Resources Corp (RRCResearch Report) today and set a price target of $21. The company’s shares opened today at $11.21.

Rashid said:

“Our bullish stance on the equity remains underpinned by our belief that the market continues to underestimate the core operating strength of underlying asset base. This strength, in turn, we believe gives management tremendous flexibility to manage balance sheet risk and generate free cash flows and in the process, significantly enhance current equity value. With last night’s update of 2019 capital plan, we believe that management has taken concrete initial steps to illustrate free cash flow generation potential of its platform. We commend this initial effort, but believe that this step alone will not be enough to substantively change the narrative in the marketplace around value of assets and still relatively slow de-leverage of higher-than-peer (3.1x TTM EBITDA vs. peers at 2.0x) balance sheet.”

According to TipRanks.com, Rashid has 0 stars on 0-5 star ranking scale with an average return of -6.2% and a 36.2% success rate. Rashid covers the Basic Materials sector, focusing on stocks such as Continental Resources, Gulfport Energy Corp, and Resolute Energy Corp.

Currently, the analyst consensus on Range Resources Corp is a Moderate Buy with an average price target of $16.14, which is a 44.0% upside from current levels. In a report issued on February 11, Ladenburg also reiterated a Buy rating on the stock with a $17 price target.

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The company has a one-year high of $18.60 and a one-year low of $9.22. Currently, Range Resources Corp has an average volume of 7.94M.

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Range Resources Corp. engages in the exploration, development, and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions. The company was founded in 1976 and is headquartered in Fort Worth, TX.