Range Resources Continues Focus on Debt Reduction in 3Q; $22 FVE Unchanged
We're leaving our fair value estimate for Range Resources unchanged at $22 per share following the release of third-quarter results. Our no-moat rating is also intact. Range's production grew to 2.27 billion cubic feet per day, a touch above management's guidance and up 14% year over year. Production from the company's core southwestern Pennsylvania operations in the Marcellus was up 29% year over year. Companywide production was up 3% quarter over quarter.We expect Range will continue to focus...
Range Resources is a holding company. Through its subsidiaries, the company is an independent natural gas, natural gas liquids and oil company, engaged in the exploration, development and acquisition of natural gas and oil properties, located in the Appalachian and North Louisiana regions of the United States, primarily in the Marcellus Shale in Pennsylvania and the Lower Cotton Valley formation in Louisiana.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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