SunTrust analyst Welles Fitzpatrick lowered his price target on Range Resources to $12 and kept his Hold rating after the company pre-released its expected Q4 output at 2.15BCFE/D - below consensus of 2.27BCFE/D - yesterday, citing a "larger than expected impact from the previously announced processing downtime." The analyst notes that while the production update as offset by reduction in capital expenditures to $195M from $215M forecast, he is adjusting his net asset value to reflect the "slower expected development plan going forward and lower comps". Fitzpatrick adds that although Range Resources offers "premier assets", its higher relative level of net debt and premium valuation justify a Neutral stance

Reports Q1 revenue $645.37M, consensus $659.31M. Production averaged 2.14 Bcfe per day, approximately 68% natural gas.