As previously reported, Wells Fargo downgraded Range Resources to Equal Weight from Overweight with a price target of $32, down from $40, on relative valuation. Year-to-date, Range Resources’ shares have outperformed the gas peer group by about 17%, the firm notes. In Wells’ view, the outperformance in 2023 was mostly driven by the company’s differentiated capital efficiency, steady execution in the field and ample inventory depth.
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