Range Resources Corp (RRC)

[OilStockReport]

That's very possible. It did stir the pot a bit. However, I did find this.

Shares of natural gas driller Range Resources Corp. rose 3 percent Tuesday after the company said second-quarter production and prices increased and it expected to hit its goal of boosting 2011 production by 10 percent.

HE SPARK: After the market closed Monday, the Fort Worth company announced that second-quarter production grew 8 percent, which analysts said was slightly better than expected. Prices paid to Range rose 11 percent over the same period last year, as the company produced more natural gas liquids in the Northeast and mid-U.S.

THE BIG PICTURE: Earlier this year, Range Resources sold large holdings in the Barnett shale gas field of Texas for $900 million and focused drilling on the Marcellus shale in the Northeast and in the mid-continent region. Monday's report suggested the move might pay off.

The company said it has already replaced about half the lost Texas production and expects to replace the rest by the end of the third quarter.

THE ANALYSIS: KeyBanc analyst Jack N. Aydin, who has a "Buy" rating on the stock, said in a note to clients that Range's operations continue to impress in all core areas, "and we believe the company will continue to meet-beat expectations."

Andrew Coleman of Raymond James said the update was "bullish." He lowered his 2011 earnings estimate to account for hedging associated with the Texas sale, but he raised the 2012 estimate for higher production.

Hsulin Peng, an analyst for Robert W. Baird & Co., said Monday's update was "a slight positive," but he kept his "Neutral" rating, suggesting that the shares were already fairly valued.

The company is scheduled to report second-quarter results after the close of trading Monday.

SHARE ACTION: The shares gained $1.89 to $62.89 in midday trading.