Range Resources Posts 3Q EPS of 75 Cents
RRC sits 72% above its 52-week low of $32.68 on elevated volume (5.1× avg).
Summary
Range Resources reported third-quarter EPS of 75 cents, with adjusted EPS of 81 cents, its first hard earnings number since the EQT all-stock acquisition was announced October 26. Net income was $175.3 million on revenue of $843 million, and adjusted net income was USD 191 Million versus an IBES estimate of USD 183.6 Million. The print matters less for standalone valuation than for what it says about the asset base EQT is buying at 0.987 EQT shares per Range share. With the stock at $56.10 and near its 52-week high of $56.47, the shares are already trading on deal math rather than quarterly results. The October 14 8-K flagged a $58.1 million derivative gain and $51.9 million in net cash settlements for the quarter, so the earnings quality here is partly mark-to-market.
At the time of this announcement, RRC was trading at $56.10 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $13.2B. The 52-week trading range was $32.68 to $56.47. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.