UPDATE: JP Morgan Raises PT on Range Resources on Above Average Production Growth
In a report published Tuesday, JP Morgan reiterated Range resources Corp. (NYSE: RRC) at overweight and raises price target from $79.50 to $86.50.
JP Morgan reported that, “We think the company's above-average production growth and high rate of return assets could help it outperform its peers. Good well results from its relatively new super-rich Marcellus and horizontal Mississippian plays could provide near-term catalysts. Longer-term we think Range's liquids-rich Marcellus returns will benefit from ethane extraction. On a NYMEX NAV basis, Range is trading relatively in line with the group but at a discount to the high-growth peers. We reiterate our Overweight rating. “
Range Resources Corp's shares closed at $77.25 on Monday.
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