Citigroup Reiterates Buy Rating, $76 PT on Range Resources Corp.

In a report published Wednesday, Citigroup reiterated its Buy rating and $76.00 price target on Range Resources Corp.

. Citigroup noted, “Range announced a 2013 capital budget of $1.3bn, including $1.1bn for drilling and recompletions, $100mm for leasehold and renewals, $75mm for pipelines & facilities and $25mm for seismic. The guidance is largely in line with expectations after management intimated that it would outspend operating cash flow by ~$250mm next year during Q3'12 earnings but we were already and continue to model a ~$1.4bn capital budget versus ~$1.6bn this year with next year's budget reflecting an expected $200-300mm decrease in dry gas drilling and reduction in leasehold expenditures.” Range Resources Corp. closed on Tuesday at $65.22.