HALISTER1: Stifel Upgrades RRC Buy, Cites Improving Natural Gas Outlook

Stifel Upgrades RRC Buy, Cites Improving Natural Gas Outlook

(Bloomberg) -- Range Resources Corporation upgraded on improving natgas market outlook, recent well analysis, Stifel analyst Michael Scialla writes in note.
  • Raises 2H16 NYMEX natgas price forecast to $2.90 from $2.62; “upward bias” to ’17 forecast of $3.10 as demand grows
    • Also notes U.S. dry gas supply down 3% y/y, 4% from peak set in Feb. 2016
  • Says state production data shows strong well performance in 3 areas
  • RRC to buy vs. hold (PT $52 from N/A)
  • RRC has 19 buys, 17 holds, 0 sells; avg PT ~$48: Bloomberg data
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
RRC US (Range Resources Corp)

People
Michael Scialla (Stifel Nicolaus & Co Inc)

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