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RRC

Range Resources

$17.65

0.9 (5.37%)

16:18
10/15/18
10/15
16:18
10/15/18
16:18

Range Resources announces Appalachian overriding royalty sale for $300M

Range Resources announced that it has signed and closed on an agreement to sell a proportionately reduced 1% overriding royalty in its Washington County, Pennsylvania leases for gross proceeds of $300M. Range's Washington County properties encompass approximately 300,000 net surface acres that produced 1.7 Bcfe net per day in the second quarter of 2018. The overriding royalty applies to existing and future Marcellus, Utica and Upper Devonian development on the subject leases, while excluding shallower and deeper formations. Post-close, Range maintains a net revenue interest of approximately 82% on the subject Washington County acreage. Cash flow associated with the 1% overriding royalty is expected to be approximately $25 million in 2019. The net proceeds will be used to reduce total debt by an expected 7%, which lowers annualized interest expense by about $15 million, resulting in a net reduction in estimated 2019 cash flow of approximately $10M. Jeff Ventura, Range's CEO and President, commented, "This transaction highlights the quality and value of Range's inventory and represents a realization of a portion of that embedded value. We have made steady progress this year on our strategic objective of pairing Range's world-class asset base with a strong balance sheet. This sale and corresponding debt reduction - coupled with Range's consistent operational execution and beneficial exposure to improved liquids pricing - brings our projected year-end leverage below 3.0x debt to EBITDAX without additional sales. Range will continue to pursue asset sales to bring forward inventory value, high-grade the portfolio and strengthen our financial position, with the focus of maximizing long-term shareholder returns."

  • 24

    Oct

RRC Range Resources
$17.65

0.9 (5.37%)

09/26/18
09/26/18
DOWNGRADE
Target $23

Equal Weight
Morgan Stanley downgrades Cabot Oil to Equal Weight on lower nat gas price view
As previously reported, Morgan Stanley analyst Devin McDermott downgraded Cabot Oil & Gas (COG) to Equal Weight from Overweight after lowering his long-term natural gas price forecast to $2.50 from $2.75 and increasing his price assumptions for ethane in late 2018 and 2019. He also lowered his price target on Cabot shares to $23 from $29. U.S. natural gas should soon enter a new cycle of structural oversupply and stagnating demand, contends McDermott. Given that view, and the fact that oil weighted E&Ps trade at similar multiples to nat gas producers, McDermott remains Underweight on nat gas producers Range Resources (RRC), Gulfport Energy (GPOR) and Southwestern Energy (SWN).
09/20/18
RILY
09/20/18
UPGRADE
Target $22
RILY
Buy
Range Resources upgraded to Buy from Neutral at B. Riley FBR
B. Riley FBR analyst Rehan Rashid upgraded Range Resources to Buy saying the company is uniquely positioned to benefit from the strength in natural gas liquids prices. The analyst raised his price target for the shares to $22 from $17.
07/31/18
SOCO
07/31/18
UPGRADE
SOCO
Overweight
Range Resources upgraded earlier to Overweight from Equalweight at Capital One
07/05/18
TDSI
07/05/18
INITIATION
Target $18
TDSI
Hold
Range Resources initiated with a Hold at TD Securities
TD Securities analyst Menno Hulshof initiated Range Resources with a Hold and $18 price target.

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T

AT&T

$37.82

0.03 (0.08%)

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GM

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  • 29

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T

AT&T

$37.82

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WAL

Western Alliance

$46.24

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RNLSY

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  • 17

    Dec

T

AT&T

$37.82

0.03 (0.08%)

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ATVI

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BDN

Brandywine Realty

$14.68

0.13 (0.89%)

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  • 18

    Oct

BDN

Brandywine Realty

$14.68

0.13 (0.89%)

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  • 18

    Oct

BDN

Brandywine Realty

$14.68

0.13 (0.89%)

17:09
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Earnings
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  • 18

    Oct

GIL

Gildan Activewear

$35.38

0.095 (0.27%)

17:08
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Earnings
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BDN

Brandywine Realty

$14.68

0.13 (0.89%)

17:07
10/17/19
10/17
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17:07
Earnings
Brandywine Realty narrows FY19 FFO guidance to $1.41-$1.43 from $1.40-$1.44 

Consensus $1.42.

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  • 18

    Oct

BDN

Brandywine Realty

$14.68

0.13 (0.89%)

17:07
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10/17
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17:07
Earnings
Brandywine Realty reports Q3 FFO 36c, consensus 36c »

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  • 18

    Oct

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