Range's stock, beaten down in recent months, could climb 30% as natural gas prices rise. And if the company succeeds in the Marcellus Shale, the shares could soar for years.

Mad About Options: Range Resources Flashback: The Mad About Options crew takes a look back at Jim Cramer's comments about Range Resources.
Click here to watch the video.

From a recent Mad Money show:"Give it another day to bounce, then ring the register. They've killed natural gas; it's time to get out."

PE of 62, a PEG of 1.68, and a yield of 0.3%.

"Energy stocks that have gone up the most during the current oil rally will probably get hit the hardest," Bespoke analysts note. With gains of between 120% and 158% since January 2007, stocks like Consol Energy (CNX), National Oilwell Varco (NOV), Range Resources (RRC) and Hess (HES) have milked the most from this oil gush, and might have the most to lose when oil subsides.

Range Resources (RRC) was downgraded to Equal-weight, Morgan Stanley said. $75 price target. Valuation call, as the stock has significantly outperformed its peers over the past year.

has long history of growth

Oil & Gas

Range Resources (RRC) was upgraded to Buy rating from Hold at Jefferies. Price target jumps to $65 from $28 while 2008 eps estimates hold at $1.95.

Outperform - Price 44.90 on Dec. 11
by Raymond James

RRC is acquiring 14,000 Barnett Shale acres, Texas, an estimated 334 [billion/cubic-feet equivalent] of proved/probable reserves...expected to be funded through debt...Raising [our] '08 EPS estimate to $2.04...50 target is based on 10 times multiple of our '08E Ebitda, versus [exploration and production] valuation range of 5-to-7 times. Market-cap: $6.8 billion.