Range Resources Gains on 1Q Results; Shares Still Trade Well Below Our FVE, but Uncertainty Extreme
We're leaving our $21 fair value estimate and no-moat rating for Range Resources unchanged following the release of first-quarter results. Range increased production in the first quarter to a record 2.188 billion cubic feet per day, a 13% year-over-year increase. Production from Marcellus, Range's bread-and-butter asset, increased production 20% year over year.The higher production combined with higher prices (realized prices including hedges advanced 12% year over year) to drive revenue, earni...
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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