It's another private-equity-backed emerging-play company getting bought by an "excessively" levered gassy E&P for "some blend of financial engineering and strategic shift," says the firm's Bob Brackett. And in the end, that deal was a disappointment for Range Resources, he says. (h/t Bloomberg)
• Brackett is Underperform on CHK with a price target of $3, still implying 7% downside after today's plunge.