Piper Sandler Reduces PT on Range Resources Corporation (RRC) to $37 Following Q3 2025 Results

Core Insights - Range Resources Corporation (NYSE:RRC) has garnered significant interest from hedge funds, positioning it among the top 12 commodity stocks to consider for investment [1] Financial Performance - In Q3 2025, Range Resources reported a diluted non-GAAP net income per share of $0.57, exceeding estimates by 9% and the Street's estimate by 7% due to stronger realizations and lower operating costs [5] - The company returned $56 million to shareholders through buybacks and maintained stable net debt at approximately $1.2 billion, alongside $21 million in dividends paid during the quarter [5] - Heavy capital spending of $190 million was recorded in Q3, representing about 29% of the full-year budget [5] Analyst Ratings and Price Targets - Piper Sandler reduced the price target for Range Resources from $39 to $37 while maintaining a "Neutral" rating, reflecting updated models post-Q3 results [2] - Raymond James raised its price target from $41 to $42, maintaining an "Outperform" rating, citing a 9% earnings estimate beat despite lower-than-expected NGL realization guidance [3] Production and Future Outlook - Range Resources raised its 2025 production guidance to 2.23 billion cubic feet equivalent (Bcfe) per day, slightly up from the previous estimate of 2.225 Bcfe per day, and expects steady free cash flow generation through 2027 [6] - The company demonstrated steady execution across capital, production, and pricing, achieving its operating targets while maintaining tight spending, which bolstered analyst confidence in its three-year free cash flow outlook [4]