Citi analyst Paul Diamond CFA maintains $Range Resources (RRC.US)$ with a hold rating, and adjusts the target price from $37 to $38.
According to TipRanks data, the analyst has a success rate of 61.5% and a total average return of 10.8% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Range Resources (RRC.US)$'s main analysts recently are as follows:
The midstream performance outlook for 2024 indicates that the energy sector may be gaining solid investable ground again. In contrast, exploration and production sectors face ongoing challenges as crude markets remain amply supplied. While it might seem too soon to have a strong positive outlook on crude leverage, the current business climate along with buybacks could serve as stabilizers if crude prices were to decline.
By 2025, natural gas producers are anticipated to benefit from three prominent secular demand trends: the expansion of considerable liquefied natural gas export capacities, heightened power demand due to electrification, and the transition from coal to gas. The updated exploration and production models extending through 2030 underline a perspective that anticipates long-term gas prices to remain above $3.50 per MMBtu. This adjustment reflects the necessary price increase to encourage further supply growth from the Haynesville and other higher-cost gas basins. Furthermore, expectations are set for the oil market to transition from balanced conditions in 2024 to a surplus by 2025 due to supply increments, prompting a shift towards a more defensive market stance.
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