JPMorgan lowered the firm’s price target on Range Resources to $31 from $37 and keeps an Underweight rating on the shares. The firm marked to market its exploration and production models and price targets following the recent decline in strip pricing for both oil and natural gas. The decline in oil prices has been driven by worries surrounding OPEC+ barrels returning to the market, supply/demand balances in 2025 given non-OPEC supply growth and expectations for slowing demand growth, the analyst tells investors in a research note. With oil in the mid-$60s, JPMorgan does not expect to see any near-term changes in E&P activity levels. However, if the strip deteriorates further, “management teams are likely to begin having those discussions,” it adds.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RRC:
- Range Resources price target lowered to $31 from $36 at Susquehanna
- Range Declares Quarterly Dividend
- Range Resources Board Member Steven Gray Announces Retirement
- Range Announces Retirement of Steve Gray from the Board of Directors
- Vornado upgraded, JPMorgan downgraded: Wall Street’s top analyst calls