FORT WORTH, Texas (AP) _ Range Resources Corp. (RRC) on Aug. 1 reported second-quarter net income of $69.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Fort Worth-based company said it had net income of 28 cents. Earnings, adjusted for non-recurring gains, came to 6 cents per share.
The results fell short of Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The independent oil and gas company posted revenue of $673.1 million in the period, which topped Street forecasts. Nine analysts surveyed by Zacks expected $525.9 million.
Range’s third quarter production is expected to be 1,970 million cubic feet estimate (Mmcfe) per day. Production for the fourth quarter is expected to be 2,170 Mmcfe per day, which is a 17 percent increase compared to the prior-year quarter. This results in annual production growth of 30 person.
The reduction in annual production guidance is primarily driven by early 2017 production results from North Louisiana. In addition, non-recurring timing delays on several well pads in southwest Pennsylvania will impact our full year 2017 production.
Range Resources shares have dropped 41 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 11 percent. In the final minutes of trading on Tuesday, shares hit $20.30, a fall of 48 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RRC at https://www.zacks.com/ap/RRC