Here's their commentary:
Jan 26, 2018 Commentary
Range Resources remains out of favor with investors. Notably, the late-2017 rally in the oil market did little for this stock. The company's production is heavily weighted toward natural gas E M about two-thirds of September-quarter output E M and prices for this commodity have shown few signs of improvement over the past year. Production has been on a rapid growth trajectory. Powered by a 2016 acquisition in Louisiana and double-digit gains in southwest Pennsylvania, volumes likely rose about 30% last year. Looking ahead to 2018, development efforts are set to prioritize Pennsylvania over Louisiana, as the company aims to fill additional takeaway capacity that is coming on line in the Keystone State (more below). That said, overall volume growth figures to decelerate this year E M to just over 10% E M as management seems intent on accommodating Wall Street's
current preference for improved cash flow over debt-fueled drilling activity. Indeed, should commodity prices rise, the company indicated that the incremental cash would likely go toward deleveraging rather than additional capital spending. Asset sales look likely. In particular, the company is shopping its holdings in northeast Pennsylvania, as well as its remaining Mid-Continent operations, with an eye toward using the proceeds to pay down debt. Range is also open to entertaining bids for acreage in southwest Pennsylvania that is unlikely to fit its development plans for the next few years. The company has more pipeline at its disposal. Range is participating in three projects in southwestern Pennsylvania set to go on line in late 2017 or early 2018. The extra capacity will likely cause transportation costs to rise this year, but provides greater
Rank & rating changes:0
flexibility to move product from the Northeast to other markets with better pricing. Too, transportation costs ought to improve over the course of 2018, as this pipeline is more fully utilized. These beaten-down shares offer wide recovery potential to 2020-2022. Investors with a bullish outlook on natural gas prices will be intrigued by Range's sizable holdings in leading shale gas plays. That said, this stock is probably too volatile for more-conservative accounts. Robert M. Greene February 2, 2018
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