Range Resources initiated with an Overweight at Stephens

Stephens analyst Mike Scialla initiated coverage of Range Resources with an Overweight rating and $34 price target. With 67% of 2023 natural gas production hedged and 36% of output in the form of liquids, Range is well positioned to weather near-term gas price weakness, the analyst tells investors in a research note. The firm says the company is exposed to a potential price rebound in 2025 when its volumes are unhedged and U.S. export demand "should gap higher." It says Range’s "best-in-class capital intensity" due to a low production decline rate and low well costs should drive strong free cash flow.