Range Resources (RRC) Stock Price Target Raised at Jefferies
NEW YORK (TheStreet) -- Range Resources' (RRC) - Get Report stock price target was upped to $50 from $45 at Jefferies.
The firm has a "buy" rating on shares of the Fort Worth-based oil and natural gas company.
"We have updated our RRC model to incorporate the pending acquisition of Memorial Resources (MRD) set to close later this quarter. Our PT rises...reflecting our favorable view of the MRD asset," Jefferies wrote in an analyst note.
The deal enhances the company's direct leverage to natural gas prices, allows for more flexible capital spending and improves its leverage metrics,
Additionally, the stock was upgraded to "buy" from "hold" at Stifel this morning. The firm said the outlook for natural gas prices is improving while Range Resources' well output is rising, the Fly reports.
Shares of Range Resources are climbing 3.67% to $44.11 on Friday morning as oil prices advance.
Crude oil (WTI) is up 0.97% to $45.58 per barrel and Brent crude is gaining 0.97% to $46.85 per barrel.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally high debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: RRC