Stock Track | Range Resources Soars 9% Pre-Market on Strong Q3 Earnings, Raised Guidance

Stock Track10-24

Shares of Range Resources Corporation (RRC) surged by 9.33% in pre-market trading on Tuesday, October 23, 2024, driven by the company's better-than-expected financial results for the third quarter and an upward revision to its full-year production guidance.

Range Resources reported adjusted earnings per share (EPS) of $0.48 for the third quarter, outpacing analysts' consensus estimate of $0.38. The company's revenue of $533.28 million, however, fell short of Wall Street's expectations of $616.14 million. Nevertheless, the solid earnings beat was fueled by higher gas equivalent production volumes.

Following the impressive Q3 performance, Range Resources increased its total production guidance for 2024 to 2.17 billion cubic feet equivalent per day, with more than 30% attributed to liquids production. The company also estimated a capital budget of $645-$670 million for the year.

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