HomeFinancial MarketsHere is why Range Resources Corporation (RRC) stock plummeted in the after-hours...

Here is why Range Resources Corporation (RRC) stock plummeted in the after-hours on Monday?

Range Resources Corporation (RRC) shares lost 6.50% in after-hours on Monday, July 26, 2021, and close the daily trading at $14.95. in the regular trading session on Monday, RRC’s stock gained 4.51%. RRC shares have risen 137.59% over the last 12 months, and they have moved up 10.96% in the past week. Over the past three months, the stock has gained 71.02%, while over the past six months, it has shed 78.26%.

Let’s have a look at its recent news and developments.


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RRC Recent financial results announcement

On July 26, 2021, RANGE RESOURCES CORPORATION (RRC) announced its second-quarter 2021 financial results.

Q2 2021 financial highlights

  • Range Resources Corporation reported a GAAP revenue of 435 million in Q2 2021 compared to $376.5 million in Q2 2020.
  • Total cost and expenses were $ 592.5 million compared to $566.4 million in Q2 2020.
  • The net cash provided from operating activities was $174 million in Q2 2021 compared to $78.76 million in Q2 2020.
  • RRC suffered a net loss of $156 million or $0.65 per diluted share in Q2 2021, compared to $167.6 million or $0.70 per diluted share in Q2 2020.
  • Range had total debt outstanding of $3.1 billion, consisting of $121 million in bank debt and $2.95 billion in senior notes on June 30, 2021.

FY 2021 Guidance

Range’s 2021 all-in capital budget is $425 million. Production for full-year 2021 is expected to average approximately 2.15 Bcfe per day, with 30% attributed to liquids production.

 RRC new ESG & safety committee

On June 15, 2021, RANGE RESOURCES CORPORATION today announced the formation of a new Environmental Social Governance (ESG) and Safety Committee by the Board of Directors. The Range also committed to a pilot project with Project Canary to certify the production of responsibly sourced natural gas (RSG) following a review of the Company’s operations under Project Canary’s TrustWell™ Certification program.

RRC Q1 2021 financial results announcement

On April 26, 2021, RANGE RESOURCES CORPORATION announced its first-quarter 2021 financial results.

Q1 2021 financial highlights

  • RRC GAAP net revenue was $626 million in Q1 2021 compared to $694 million in Q1 2020.
  • Total cost and expenses were $596 million in Q1 2021 compared to $499 million in Q1 2020.
  • In Q1 2021, GAAP net income was $27 million or $0.11 per diluted share compared to $166.2 million or $0.67 per diluted share inQ1 2020.

Conclusion

The recent financial results announcement was not very attractive for the investors. Though it matched with the analysts earning estimates but resulted in a decline in RRC share price on Monday. It may start the Tuesday trading in negative mode as well.

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