UPDATE: Stifel Nicolaus Raises PT to $82 on Range Resources

Stifel Nicolaus reiterates its Buy rating on Range Resources RRC and raises its price target by $7 to $82 on DEP Marcellus data. Stifel Nicolaus says, "New production data from the Pennsylvania Department of Environmental Protection (DEP) shows that 217 Range operated wet-gas Marcellus wells completed since 2H09 are tracking 11% above our 5.0 Bcfe type curve (Figure 1). The outperformance is roughly evenly distributed with 115 wells above and 102 below the curve (Figure 2). Accordingly, we are increasing our wet-gas type curve to 5.5 Bcfe." RRC closed at $65.72 a share on Friday.