Natural gas producer Range Resources' Q3 adjusted EPS, net income beat estimates

Overview

• US natural gas producer's Q3 adjusted EPS and adjusted net income beat analyst expectations

• Q3 revenue rose 13% yr/yr to $843 mln

• Company reported record liquids production and strong cash flow, driven by infrastructure expansion

Outlook

• Range Resources did not provide specific financial guidance for the current or future periods in the press release

Result Drivers

• INFRASTRUCTURE EXPANSION - Co said commissioning of new infrastructure in liquids-rich area supported record liquids production

• INCREASED LIQUIDS PRODUCTION - Co attributed higher cash margins and free cash flow to increased liquids output

• MARKET ACCESS - Co said strategic access to international markets contributed to strong cash margins

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 17 "hold" and no "sell" or "strong sell"

• 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 Corporation is $45.00, about 16% below its October 26 closing price of $53.56

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• Oct 26 - EQT to buy Range Resources in $13 billion deal to create top US gas producer

• Oct 27 - Natgas producer Expand Energy tops quarterly profit estimates

• Oct 26 - Alliance Resource Partners Q3 profit jumps on record royalty revenues

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)