Simmons Analyst Assumes Coverage on Range Resources Corp (RRC)
Simmons analyst Pearce Hammond assumes coverage on Range Resources Corp (NYSE:RRC) with an Overweight rating and a price target of $52.00.
The analyst sees potential upside by investing in RRC and explains, “We believe RRC offers several positive attributes for investors: 1) high quality, low cost asset base, 2) improving capital efficiency as illustrated by the opportunity to enhance returns by going back on existing pads to drill new wells, 3) top flight operational execution, and 4) long-term production growth of ~20% per annum.”
The company has recently set out to acquire MRD and the deal is expected to close in late Q3 or early Q4. The analyst affirms that this transaction should “aid RRC’s balance sheet.”
Pearce Hammond is ranked #2,101 of 4,055 analysts and maintains a success rate of 55% with an average return of 2.0%, according to TipRanks.