Piper Sandler has adjusted its outlook on Range Resources (RRC, Financial), revising the price target slightly downwards from $33 to $32. Despite maintaining a Neutral rating on the shares, the firm expresses caution as the company approaches its first quarter earnings report.
The reduced price target reflects concerns over prevailing macroeconomic uncertainties, including the effects of a trade-war, alongside increased oil production from OPEC+. These factors contribute to a challenging environment for natural gas markets, compounded by typical seasonal fluctuations. Piper Sandler notes that while such volatility can present investment opportunities, particularly in companies with substantial low-cost reserves and robust financial health, the situation remains complex.
Furthermore, Piper Sandler indicates a slight preference for oil investments over gas in the near term, given their current analysis leading into the first quarter. This stance takes into account both the reversion potential and investor positioning, which have significantly influenced short-term performance within the sector.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 25 analysts, the average target price for Range Resources Corp (RRC, Financial) is $41.66 with a high estimate of $55.00 and a low estimate of $22.55. The average target implies an upside of 27.72% from the current price of $32.62. More detailed estimate data can be found on the Range Resources Corp (RRC) Forecast page.
Based on the consensus recommendation from 27 brokerage firms, Range Resources Corp's (RRC, Financial) average brokerage recommendation is currently 2.5, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Range Resources Corp (RRC, Financial) in one year is $27.83, suggesting a downside of 14.68% from the current price of $32.62. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Range Resources Corp (RRC) Summary page.
