Stifel analyst Jane Trotsenko said investors could be inclined to short Antero Resources (AR) and Range Resources (RRC) given that Mt. Belvieu, Texas NGL prices are down 15% per barrel quarter-over-quarter. However, the analyst, who is projecting a production beat and "very healthy natural gas price realizations" from Antero thinks short-selling the stock into the earnings "could be quite risky," she tells investors in a research note. Antero also plans to update guidance with its Q2 report, "which makes this quarter particularly tricky," added Trotsenko, who keeps a Buy rating on the stock.

Susquehanna analyst Biju Perincheril raised the firm's price target on Range Resources to $36 from $34 and keeps a Neutral rating on the shares. The firm updated its estimates for their E&P sector by lowereing natual gas assumptions and maintaining oil prices. For 2024, they expect companies will continue their maintenance capital programs, while focusing on driving improving well productivity. Susquehanna also expects M&A activity to continue as companies look to shore up inventory positions.