Range Suffering From Lower Medium-Term Gas Prices
We're leaving our $19 per share fair value estimate and no-moat rating for Range Resources unchanged following the release of first-quarter results. Range Resources increased production in the first quarter to 2.256 billion cubic feet per day, beating management's prior guidance for a 5% volume increase sequentially. Realized prices came down sequentially as the impact of low temperatures on natural gas prices faded. But a roughly 3% decline in cash unit costs helped to offset lower prices. We e...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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