ISI: Range Resources Releases Positive Update
In a research report published today by ISI, Range Resources (NYSE: RRC) released a highly optimistic update after the market close yesterday.
Concerning the updates, ISI said, “RRC released an extremely positive update after the market close in which it raised near-term growth (to 30 to 35% from 25 to 30%) and outlined a modified plan which will accelerate higher-margin ‘Super Liquids' rich gas development in SW PA and de-emphasize development of ‘dry' northeast acreage. RRC's presentation represents its first public release of its PA acreage position. We think the shares will react favorably to raised growth, rising margins/cash flow growth from RRC's emerging ‘Super Liquids' rich gas acreage, a de-emphasis on ‘dry gas' expansion, upcoming ‘wet' Utica tests and strong early results in Mid-Con oil plays.”
Range Resources closed yesterday at $64.27.
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