Analyst Note
| Dave Meats, CFA |We have lowered our fair value estimate for Range Resources to $34 per share from $36 after incorporating second-quarter results. The decrease reflects inflationary pressures in 2023. While the firm is seeing higher costs in 2022 as well, this was fully incorporated into our previous model and 2022 capital expenditure guidance was unchanged. The shares surged ahead regardless on the day of the release.