Today’s Hot Stock Under Review: Range Resources Corporation (NYSE: RRC)

FORT WORTH, Texas, February 4, 2020 – Shares of Range Resources Corporation (NYSE: RRC) inclined 1.66% to $3.06. The stock traded total volume of 1.772M shares lower than the average volume of 11.48M shares.

For third quarter 2019, Range Resources Corporation (NYSE: RRC) reported total revenues of $622.0M, GAAP net cash provided from operating activities (including changes in working capital) was $104.0M, and GAAP net income was a loss of $28.0M ($0.11 per diluted share).  Third quarter earnings results include a $75.0M derivative gain due to decreases in commodity prices and a $36.0M loss related to asset sales.

Non-GAAP revenues for third quarter 2019 totaled $628.0M, and cash flow from operations before changes in working capital, a non-GAAP measure, was $128.0M.  Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was a loss of $18.0M ($0.07 per diluted share) in third quarter 2019.

Capital Expenditures:

Third quarter 2019 drilling and completion expenditures were $148.0M.  In addition, during the quarter, $9.0M was spent on acreage purchases and $1.0M on gathering facilities.  Total capital expenditures year to date in 2019 were $576.0M.  Range is reducing its expected 2019 capital spending by $20.0M to $736.0M as a result of continued efficiency gains, water savings, and service cost improvements.

Repurchase Programs:

Range repurchased and retired approximately $94.0M in principal amount of its senior notes during the quarter for a total cash spend of approximately $90.0M.

Range’s Board of Directors approved the initiation of a $100.0M equity repurchase program, beginning October 2019.  The share repurchase program will be executed at times deemed appropriate by the Company.

RRC has the market capitalization of $840.36M and its EPS growth ratio for the past five years was -64.60%. The return on assets ratio of the Company was 0.90% while its return on investment ratio stands at -18.70%. Price to sales ratio was 0.28.

Nicholas Stoffel

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