Morningstar

Morningstar, Inc.

Equity Bottom-Up

We are revising our fair value estimates for Antero, Gulfport, and Range Resources to $8, $7, and $17, respectively, after the recent deterioration in near-term natural gas prices. Our valuation models incorporate three years of strip prices before reverting to our midcycle forecast, which is unchanged at $3 per barrel. When we last updated these models, U.S. prices were expected to average $2.80 per thousand cubic feet, $2.80/mcf, and $3/mcf,respectively, for 2019, 2020, and 2021. However…

As primarily a Marcellus operator (roughly 85% of total production), Range Resources is a gas-heavy exploration and production firm, with more than 95% of proved reserves consisting of natural gas or natural gas liquids. The company has diversified its asset base somewhat after its merger with Memorial Resource Development in 2016. Memorial gave Range exposure to gas- and NGL-heavy assets in northern Louisiana, and the transaction helped shore up Range’s shaky balance sheet. But the acerage has…

We're leaving our $19 per share fair value estimate and no-moat rating for Range Resources unchanged following the release of first-quarter results. Range Resources increased production in the first quarter to 2.256 billion cubic feet per day, beating management's prior guidance for a 5% volume increase sequentially. Realized prices came down sequentially as the impact of low temperatures on natural gas prices faded. But a roughly 3% decline in cash unit costs helped to offset lower prices. We…

United States

Range Resources Corporation is an independent oil and gas company  that explore, develops, and acquires oil and gas properties. The Company conducts operations primarily in the Southwestern, Appalachian and Gulf Coast regions of the United States.

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