Range Resources downgraded to Hold from Buy at Benchmark

Benchmark analyst Subash Chandra downgraded Range Resources to Hold from Buy without a price target. The downgrade is on valuation as Range has defensive properties suited for the currently oversupplied gas market, the analyst tells investors in a research note. The firm expects the company’s free cash flow will be prioritized towards debt reduction this year given the macro environment. It sees further increases in the fixed dividend but no formal return-of-capital model until debt targets are achieved.