Gerdes upgrades Range Resources back to "buy", shares up

Range Resources

15/06/2023 14:45

** Range Resources Corp  RRC.N  up as Gerdes Energy Research
upgrades to "buy" from "neutral", three weeks after it had
lowered the rating; maintains PT of $32/shr
    ** RRC shares climb 1.7% to $26.50
    ** Brokerage says RRC has depreciated about 12% since May
24, when it had downgraded co to "neutral", and now reflects
greater than 20% equity value upside
    ** Assuming $590 mln in net capital spending this year, RRC
should generate ~$710 mln of free-cash-flow in 2023 - Gerdes
    ** From 2024 through 2027, RRC should generate $3.8 bln of
FCF, which is ~60% of co's market cap - Gerdes
    ** Adds that RRC's capital intensity is ~40% below the gas
peers
    ** 13 of 25 brokerages rate the stock "buy" or higher, 10
"hold" and 2 "sell"; their median PT is $32.09
    ** Stock up ~5% YTD, including session gains

 (Reporting by Arshreet Singh)
 ((Twitter: https://twitter.com/Arshreets))