Analyst Raises Price Target on Range Resources (RRC)

With a net profit margin of 28.12%, Range Resources Corporation (NYSE:RRC) is included among the 10 Most Profitable Energy Stocks to Buy Now.

Range Resources Corporation (NYSE:RRC) is a leading US independent natural gas and NGL producer with operations focused in the Appalachian Basin.

On May 26, Barclays lifted its price target on Range Resources Corporation (NYSE:RRC) from $41 to $43 and maintained its Equal Weight rating on the shares. The revised target represents an upside of almost 12% from the current price level.

The analyst firm noted that the depleting inventories, reduced spare capacity within OPEC, and a “muted” US supply response to the Middle East disruptions are contributing to a tighter oil macro backdrop that is not yet fully reflected in energy stocks’ valuations. According to Barclays, this could lead to a re-rating of the “oily” exploration and production operators once the war has reached its conclusion.

Barclays also lowered its gas price outlook due to oversupply issues in the near-term and revised its ratings and price targets in the integrated oil and exploration and production group.

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