Range Resources price target raised to $33 from $32 at Truist

Truist analyst Neal Dingmann raised the firm’s price target on Range Resources to $33 from $32 and keeps a Hold rating on the shares as part of a broader sector research note on E&P names. The new and existing well productivity will continue to drive supply/demand dynamics and ultimately commodity prices, the analyst tells investors in a research note. While the firm sees “moderate” commodity prices at $78 in WTI and $2.94 in Henry Hub Natural Gas for most of this year, dominated by incremental supply from solid repeatable activity plans and November election concerns, late 2024/2025 pricing should improve as demand begins to pull away from overall supply and as plans become less repeatable, impacting well productivity, Truist added.