Range Resources Q2 adjusted EPS beats estimates on record NGL pricing premium
RRC•Result drivers
- Operational efficiency - The company cited record drilling and completion efficiencies as supporting Q2 results and operational momentum.
- NGL pricing premium - Strategic access to international markets drove a record NGL premium, bolstering margins.
- Derivative gains - Q2 net income included a $74 million mark-to-market derivative gain due to decreases in commodity prices.
Analyst coverage
- The current average analyst rating on the shares is hold, with 7 strong buy or buy ratings, 16 hold ratings and 1 sell or strong sell rating.
- The average consensus recommendation for the oil & gas exploration and production peer group is buy.
- Wall Street's median 12-month price target for Range Resources Corp. is $45.50, about 24.1% above its July 20 closing price of $36.67.
- The stock recently traded at 9 times the next 12-month earnings versus a P/E of three months ago.
