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Here's Why Range (RRC) is an Attractive Investment Bet Now
Range Resources Corporation (RRC - Free Report) has witnessed upward earnings estimate revisions for 2021 and 2022 in the past seven days. So far this year, the Zacks Rank #1 (Strong Buy) stock has gained 192.3%.
What’s Favoring the Stock?
The price of natural gas has skyrocketed more than 108% so far this year. While we are heading toward the winter heating season, concerns have intensified over tight supplies of natural gas, owing to which its price recently touched a seven-year high mark.
Being a leading producer of natural gas and natural gas liquid (NGL) in the United States, the massive improvement in the commodity price is definitely a boon for Range Resources’ upstream operations.
In the Appalachia, the company has decades of low-risk drilling inventory, brightening up its production outlook. As compared to many other upstream players, the company has lower well costs per lateral foot.
The company has a strong focus on strengthening its balance sheet. Range Resources expects 2021 to be the fourth consecutive year of absolute debt reduction. On a positive note, the company has the lowest emission intensity among the upstream companies in the United States.
Range Resources Corporation Price
Range Resources Corporation price | Range Resources Corporation Quote
Other Stocks to Consider
Other prospective players in the energy space include Whiting Petroleum Corporation , Continental Resources, Inc. and Matador Resources Company (MTDR - Free Report) . All the stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Continental is expected to witness earnings growth of 428.2% in 2021.
Matador Resources has witnessed upward earnings estimate revisions for 2021 in the past 30 days.