Range Resources initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Roger Read initiated coverage of Range Resources with an Equal Weight rating and $28 price target. The analyst says U.S. gas oversupply risks in 2023 support a Neutral stance on the shares. Over the next six to 12 months, the risk of a persistent natural gas oversupply and downward pressure on U.S. prices "present strong headwinds" to Range’s equity performance, Wells the analyst tells investors in a research note.