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Here's Why Range Resources is an Attractive Investment Bet Now
Range Resources Corporation (RRC - Free Report) has witnessed upward estimate revision for its 2020 and 2021 bottom line in the past 60 days. Also, this leading natural gas producer’s stock price has surged 62.5% year to date versus the industry’s 49.2% decline.
Factors Favoring the Stock
Range Resources is well placed to capitalize on the mounting clean energy demand since it is among the top 10 natural gas producers in the United States. The company is also among the top five natural gas liquid (NGL) producers in the domestic market. In the prolific Appalachian Basin, the company has strong focus on stacked-pay gas projects. Notably, in the Marcellus formation of the Appalachian basin, the company has a multi-decade inventory of premium drilling locations, signalling at a bright production outlook.
Owing to peer-leading well cost and low maintenance capital requirements, the company, currently carrying a Zacks Rank #1 (Strong Buy), is likely to generate free cash flow in the near term. Range Resources is focusing on debt reduction through the sale of non-core assets. The leading upstream company has also boosted its liquidity position to more than $1.4 billion, mainly through the sale of North Louisiana assets and offering of senior notes. Notably, since the second half of 2018, the company has executed more than $1.35 billion in asset divestments. Moreover, the value of senior notes that are due by 2022-end is below $0.3 billion, reflecting the company’s significantly enhanced liquidity profile.
Other Key Picks
A few other top-ranked players in the energy sector are Cabot Oil Gas Corporation , Apache Corporation (APA - Free Report) and Comstock Resources, Inc. (CRK - Free Report) , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cabot Oil Gas has seen upward earnings estimate revision for 2020 in the past 30 days.
Apache has seen upward estimate revision for its 2020 bottom line in the past 30 days.
Comstock has seen upward estimate revision for its 2020 bottom line in the past 60 days.
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