Wells Fargo analyst Roger Read lowered the firm’s price target on Range Resources to $35 from $37 and keeps an Equal Weight rating on the shares. The firm notes the company delivered solid Q2 results and improved 2024 guide, backed by strong well performance, efficiency gains and LPG pricing. Wells expects a year-over-year lower capex and stable DUC inventory in 2025, which could surprise free cash flow to the upside. The firm stays on the sidelines on premium valuation.
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