Range Resources (RRC) Update - August 14

[dan_s]

I am reviewing the Range Resources profile that was prepared by one of our Super Star MBAs. Anna is an SMU MBA that now lives in Denver. She has a full-time job, but still updates 6-10 company profiles for us each month.

I just checked the gas price and see that the September NYMEX futures contract for HH gas has spiked to over $2.30/MMBtu on heavy volume.
The futures contracts for December to March are now all over $3.00.

If Range's average realized gas price in 2021 is $3.00, which would also take NGLs back over $20/bbl, RRC would generate over $1.90 earnings per share and over $4.00 operating cash flow per share next year. The company's net asset value would probably move over $25/share.

We will be publishing the Range Resources profile late today. Check your email.

[dan_s]

Range Resources upgraded to Outperform from Peer Perform at Wolfe Research Wolfe Research analyst Josh Silverstein upgraded Range Resources to Outperform from Peer Perform. His price target is $11.00. Josh has a 4.5 star rating by TipRanks out of a possible 5.0 stars.