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Range Resources -1.8% as Q4 results disappoint

Feb. 26, 2014 11:54 AM ETRange Resources Corporation (RRC) StockRRCBy: Carl Surran, SA News Editor1 Comment
  • Range Resources (RRC -1.8%) is lower after reporting a 47% drop in Q4 earnings as well as declines in revenue and average realized prices.
  • Total revenue for Q4 fell 6.5% Y/Y to $428M, although sales of natural gas, natural gas liquids and oil gained 13% to $448.5M; realized prices, after adjusting for hedges, fell 10%.
  • Daily production jumped 20% Y/Y, oil production grew 14%, natural gas liquids production surged 45%, and natural gas production increased 15%.
  • Targets 2014 production growth of 20%-25% Y/Y; Q1 output is expected at 1.05B cfe/day, with liquids comprising 30%-35%.
  • Sets 2014 capital spending budget at $1.52B.
  • Morgan Stanley raises its price target to $98 from $90 given RRC's track record of superior exploration success, conservative guidance and strong management team.

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