In a recent research report published by Citi, Range Resources' RRC production growth guidance for 2012 was raised to ~30-35% from 25-30%.
In the report, Citi commented, “As expected, oil and NGL output is projected to be up ~35% while natural gas volumes are projected to increase by ~30%, driven primarily by rising associated gas volumes from the Marcellus. Range pegged the 2012 capital budget at $1.6bn, which is flat year over year but above our current cash flow estimate of ~$0.8bn. Three-quarters of the budget is for the liquids-rich portion of the Marcellus along with the Mississippian Lime and Cline shale oil plays. In 2013, the company stated that it can grow production 15-20%, which is below our current forecast, with a capital program equal to currently anticipated cash flow.”
Citi maintains its Buy rating and $65 PT on Range Resources, which closed yesterday at $64.27.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in