Truist Initiates Coverage of Range Resources Corporation (RRC) With a Hold Rating

Range Resources Corporation (NYSE:RRC) is one of the most profitable NYSE stocks to invest in. Truist initiated coverage of Range Resources Corporation (NYSE:RRC) with a Hold rating on March 23, setting a price target of $48. The firm told investors that it likes the stock’s story that revolves around capital-efficient growth over the next several years, capitalizing on incremental processing capacity and freed-up egress. However, Truist also argued that these attributes are already embedded in the stock price.

Range Resources Corporation also received a rating update from JPMorgan on March 20, with the firm lifting the price target on the stock to $46 from $41 while maintaining an Underweight rating on the shares. The firm told investors in a research note that the oil market fundamentals “shifted on a dime” because of the conflict in the Middle East, adding that the war has resulted in a considerable reduction in the global productive capacity and “quickly evaporated the risk” of a supply glut in 2026 following the closure of the Strait of Hormuz. The firm also said that it would not be surprised to see a $5-$10 per barrel geopolitical risk premium embedded into the long-end of the oil price curve.

Range Resources Corporation is involved in the exploration, development, and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions.

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