Zacks Investment Research downgraded shares of Range Resources Corporation (RRC) from NEUTRAL to UNDERPERFORM on September 30, 2014, with a target price of $62.00.
We are downgrading our rating on Range Resources to Underperform from Neutral. The company remains exposed to volatile natural gas fundamentals, interest rate risks and the uncertain macro backdrop. A drilled well may not produce the estimated quantity, thereby generating lower revenues and margins. Additionally, Range Resources is governed by several stringent regulations across the region it operates in, especially, the Marcellus Shale, the Appalachian Basin and the southwestern U.S., where it has a robust asset base. However, in a low natural gas price environment, the company's record production and declining unit costs, along with the sale of non-core properties, will prove beneficial over time.
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