45 cent target price reiterated

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Oil and gas explorer Range Resources’ (LON:RRL) quarterly report shows the company is “making significant progress”, Old Park Lanetold clients in a note today.

After a US$42.7 million fundraising, the company has been able to progress its “highly attractive” drilling and development programme on a number of fronts in 2012, said analyst Barney Gray.

“With a raft of exciting news flow expected over the coming months, we believe that the recent weakness in the share price is unjustified,” he concluded, reiterating his ‘buy’ rating and target price of 30 pence.

The current price is 10.05 pence, down 0.20 pence.