Wells Fargo upgraded Range Resources (NYSE:RRC) +0.7% the stock to Overweight from Equal Weight with a $31 price target
Range Resources (RRC) stands out among gas peers on 2023 capital efficiency, thanks to its low corporate base decline rate and prudent hedging strategy, Wells Fargo’s Roger Read said, expecting the company will deliver 6.3% FCF/EV yield in 2023 and 10.9% in 2024 vs. the respective 3.8% and 7.2% gas group median while opportunistically executing stock buybacks.