Zacks Investment Research downgraded shares of Range Resources Corporation (RRC) from OUTPERFORM to NEUTRAL on May 06, 2013, with a target price of $78.00.
We are downgrading our recommendation to Neutral from Outperform on Range Resources following its tepid first quarter 2013 results. The company reported weak quarterly numbers, owing to lower realized prices. Going forward however we are hopeful that Range Resources record production growth profile, along with its sale of non-core properties, will prove beneficial over time. However, for the time being, we remain on the sidelines as the company is still exposed to a volatile natural gas price environment, interest rate risks and an uncertain macro backdrop. Additionally, Range Resources is governed by several stringent regulations, especially in the Marcellus Shale, the Appalachian Basin and the southwestern U.S., where it has a significant asset base.
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