- Range Resources has revised its full-year capital expenditure forecast to be between $645 million and $670 million.
- The company missed the previous capital expenditure estimate of $620 million to $670 million.
- For the third quarter, adjusted earnings per share (EPS) were 48 cents, surpassing both the previous year’s 46 cents and the estimated 40 cents.
- Production increased, with daily volumes reaching 2.20 BCFE, marking a 3.8% rise year-over-year.
- Average daily natural gas production was recorded at 1.50 million Mcf, reflecting a 3.7% increase from the previous year.
- Oil production declined by 12% year-over-year to 5,594 barrels per day, falling short of the 7,010 barrels per day estimate.
- NGL production saw a 5.2% increase, reaching 111,465 barrels per day and exceeding estimates of 108,065.
- Adjusted revenue grew by 4.8% year-over-year, totaling $680.2 million.
- The average realized price for natural gas was $2.48 per Mcf, slightly above the estimated $2.42.
- Realized oil price per barrel rose by 12% year-over-year to $69.73, beating the estimate of $67.84.
- The price for NGLs saw a 6.8% increase to $26.09 per barrel.
- Natural gas equivalent prices per Mcfe rose by 2.9% to $3.18, slightly higher than the $3.10 estimate.
- The average natural gas price per Mcf, excluding derivative settlements and before third-party transportation costs, fell by 8.6% to $1.69.
- The average oil price per barrel, excluding derivative settlements and before third-party transportation costs, decreased by 9.4% to $64.03.
- NGLs averaged $25.96 per barrel, reflecting a 6.2% increase, beating the $23.53 estimate.
- The average gas equivalent price per Mcfe, excluding derivative settlements and before third-party transportation costs, was $2.63, surpassing the estimate of $2.31.
- Annual production for 2024 is expected to be around 2.17 Bcfe per day, a 2% increase over the past three years, attributed to well performance and optimized operations.
- Despite low natural gas prices in the third quarter, the company focused on returning capital to shareholders, investing in its business, and strengthening its financial position.
- Analyst recommendations include 8 buys, 15 holds, and 4 sells.
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Range Resources on Smartkarma
Analyst Coverage of Range Resources on Smartkarma
Range Resources has been the focus of positive analyst coverage on Smartkarma, an independent investment research network. Baptista Research, through their reports, has highlighted the company’s strategic alignment with industry trends and market conditions. In their report titled “Range Resources Corporation: How Are They Responding To Industry Trends With Their Operational Strategy? – Major Drivers,” the firm commended Range Resources for showcasing robust financial and operational results in the first quarter of 2024. The company’s emphasis on capital allocation, operational efficiency, and shareholder returns was acknowledged as a balanced approach.
In another report by Baptista Research, titled “Range Resources Corporation: Initiation Of Coverage – Does Their Capital Expenditure Cadence & Guidance Warrant A Bullish Rating? – Major Drivers,” analysts expressed optimism regarding Range Resources‘ capital expenditure strategy. The company’s strong operational performance, efficient capital allocation, and prudent debt reduction strategies stood out. The report also highlighted positive performance revisions in reserves, showcasing the company’s consistent operational excellence in managing its Marcellus inventory.
A look at Range Resources Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 3 | |
| Dividend | 2 | |
| Growth | 4 | |
| Resilience | 3 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 3.0 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Analysing the Smartkarma Smart Scores for Range Resources, the company demonstrates a promising long-term outlook. With a solid Growth score of 4, Range Resources is positioned well for future expansion and development within the oil and gas industry. Additionally, the company scores decently on Value, Resilience, and Momentum, with scores of 3 across these factors. This indicates a balanced approach to financial stability, adaptability, and market performance.
Range Resources Corporation, known for exploring, developing, and acquiring oil and gas properties, operates primarily in regions like the Southwestern, Appalachian, and Gulf Coast areas of the United States. With a Growth score of 4 reflecting strong potential for future growth, Range Resources appears to be strategically positioned for long-term success in the evolving oil and gas sector.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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