Range Resources (RRC) Stock Forecast & Price Target

Range Resources is attractive because it has re-centered on a high-quality Appalachian pure-play model after shedding its Permian assets in 2013 and later exiting the post-2016 diversification that had lifted unit costs to uncompetitive levels. Its latest operating trends support that thesis, with 2Q26 adjusted EPS/CFPS of $0.79/$1.41 beating estimates, EBITDA of $349MM, production up 5% y/y to 2.296 Bcfepd, and free cash flow of $111MM despite capex of $222MM. The company also appears disciplined on capital returns and growth, guiding to 2.35-2.40 Bcfepd on $650MM-$700MM of capex while returning 92% of 2Q26 FCF via buybacks and dividends and improving 2026 differentials across oil, gas, and NGLs.

Range Resources is challenged by its dependence on unhedged natural gas prices in 2025 and beyond, leaving cash flow, EBITDA, and NAV exposed if LNG-driven demand or prices fail to improve. Despite low leverage, with net debt of $834MM at 3/31/26 and $881MM at 6/30/26 and net debt-to-EBITDA around 0.5x, the balance sheet is not enough to offset commodity, regulatory, execution, and reserve risk. The company also faces limited strategic differentiation after returning to Appalachia, while rising oilfield service costs and potential delays in midstream and LNG projects could pressure 2026/2027 reinvestment, free cash flow, and shareholder returns.