NEW YORK (TheStreet) -- Shares of Range Resources Corp. (RRC) are rising by 4.34% to $56.53 in mid-morning trading on Monday, after the company announced it has set its 2015 capital spending budget at $1.3 billion.
The independent natural gas, and natural gas liquids and oil company said its 2015 spending budget represents an 18% decrease when compared to its 2014 capital budget.
The company added that as a result of its improving capital efficiencies from its Marcellus activities, Range Resources is expecting to continue to deliver year-over-year production growth in the 20% to 25% range, despite the reduction in its capital budget.
Range Resources also announced today that its Utica/Point Pleasant well located in Washington County, Pennsylvania, achieved an average 24-hour test rate of 59 Mmcf per day, against simulated pipeline pressure and conditions during the initial flow back.
Separately, TheStreet Ratings team rates RANGE RESOURCES CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate RANGE RESOURCES CORP (RRC) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and a generally disappointing performance in the stock itself."