GPOR - Range Resources Stock Looks Pricey After A Good Year (Rating Downgrade)
2024-05-09 13:39:27 ET
Summary
- Range Resources Corporation is a natural gas and gas liquids producer operating in the Marcellus (Pennsylvania) formation of Appalachia.
- This $9.0 billion company pays a 0.9% dividend and has $1.1 billion in share buyback authorization remaining.
- Range Resources has adapted to the difficult Marcellus gas price environment by focusing on revenue enhancement from natural gas liquids.
Range Resources Corporation ( RRC ) is an Appalachian natural gas and natural gas liquids producer that has weathered considerable lows in the sector and region. Given its nearly 50% increase in share price and market cap from a year ago and minimal dividend of 0.9%, I am downgrading it from Buy to Hold.
Energy investors looking for capital appreciation should monitor Range for a lower-cost entry point. As fellow Seeking Alpha contributor Leo Nelissen points out, the company’s $1.1 billion in buyback authorization could also provide support to the stock price....
Range Resources Stock Looks Pricey After A Good Year (Rating Downgrade)