As reported earlier, BMO Capital analyst Phillip Jungwirth downgraded Range Resources to Market Perform from Outperform and lowered his price target to $14 from $25. The analyst cites his reduced oil price expectation of $50 per barrel in 2019 - down from $67 prior forecast - stating that the change skews his risk-reward assessment toward neutral. Jungwirth adds that investors will likely "continue to avoid natural gas-leveraged equities" and, in spite of his forecast of debt-adjusted growth for Range Resources, sees its net asset value as "highly levered to long-term natural gas prices."

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.