Fly News Breaks for February 11, 2020
Feb 11, 2020 | 06:08 EDT
Piper Sandler analyst Kashy Harrison downgraded both Gulfport Energy (GPOR) and Range Resources to Neutral from Overweight with price targets of $2 and $4.50, down from $5 and $6.50, respectively. Fears surrounding the coronavirus coupled with a globally warm winter have driven a collapse in international prices with force majeure notices provided to several traders from China's largest liquefied natural gas importer, Harrison tells investors in a research note. Deteriorating global gas prices have raised the specter of less robust LNG utilization during the summer, adds the analyst. Given this "deteriorating" nearer-term outlook, the analyst downgraded both stocks to Neutral.
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