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what it is
Range Resources drills for natural gas and liquids in Appalachia, then sells the production into U.S. energy markets.
how it gets paid
Last year Range Resources made about $3.1B in revenue. natural gas sales was the main engine at about $1.74B, or 56% of sales.
why it's growing
Revenue grew about 29% last year. Through the september quarter, for instance, daily production was up about 2% vs. prior year, to 2.209 billion cubic feet equivalent, with growth likely picking up in the december quarter.
what just happened
The latest reported quarter delivered $0.82 in adjusted EPS versus a consensus near $0.68, a beat of about 21%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
30/100 earnings predictability — expect surprises
11.2x trailing p/e — the market's not buying it — or you found a deal
1.2% dividend yield — cash in your pocket every quarter
18.0% return on capital — nothing to write home about
xvary composite: 58/100 — below average
What they do
Range Resources drills for natural gas and liquids in Appalachia, then sells the production into U.S. energy markets.
Range wins by being concentrated where the rock already works. Its proved reserves sit at 18.1 trillion cubic feet equivalent, with 2.18 billion cubic feet equivalent per day of production in 2024. That scale lowers unit costs and keeps wells coming, so your upside is tied to a deep inventory, not a single lucky quarter.
How they make money
$3.1B
annual revenue · their business grew about +29% last year
natural gas sales
$1.74B
natural gas liquids sales
$0.74B
crude oil and condensate sales
$0.25B
hedging and other revenue
$0.37B
The products that matter
drills and sells natural gas
Appalachian Basin Natural Gas
$3.1B revenue · 100% of sales
it is the entire business. This one operating stream produced all $3.1B of revenue, so your upside and your risk run through the same pipe.
100% of revenue
Key numbers
11.2x
trailing p/e
You are paying 11.2 times trailing earnings for a company with about a 28% operating margin. Cheap only matters if earnings hold.
28%
operating margin
Operating margin → profit left after running the business → so what: this asset base throws off real cash when prices cooperate.
18.0%
return on capital
Return on capital → profit earned on money invested → so what: management has been better than average at turning drilling dollars into earnings.
$1.2B
long debt
Long-term debt is just 13% of capital, which means this is not a balance-sheet hostage story.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $1.2B (13% of capital)
- net profit margin about 21% — keeps about 21 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in RRC 3 years ago → it's now worth $13,540.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
The latest reported quarter delivered $0.82 in adjusted EPS versus a consensus near $0.68, a beat of about 21%.
Company filings show fourth-quarter 2025 GAAP revenue of about $820M, up roughly 31% vs. prior year from the prior-year quarter, on stronger pricing and volumes. Full-year 2025 revenue was about $3.12B. The quiet part out loud: commodity pricing did much of the heavy lifting, while production growth was only about 2% through the September quarter.
$820M
q4 revenue
$0.82
reported eps beat
~21%
surprise
the number that mattered
The size of the beat mattered because it said consensus was still behind the commodity and volume move, not ahead of it.
-
range resources likely made solid progress in 2025.most earnings and cash flow should show a nice improvement, thanks largely to higher natural gas prices, which rebounded from the depressed levels seen during most of 2024. (full-year results are typically released in late february.) from a number of other perspectives, however, the year probably didn’t look that much different from 2024.
-
through the september quarter, for instance, daily production was up about 2% vs. prior year, to 2.209 billion cubic feet equivalent (cfe), with growth likely picking up a bit in the december period.
-
meanwhile, cash operating costs have been advancing at a slightly faster pace than output, though lower interest expense has helped to offset this pressure.
-
production should push higher in 2026.while output has held relatively steady in recent years, the company has been building up an inventory of drilled, but uncompleted wells that it now plans to bring online.
-
in all, range aims to increase daily volume to about 2.6 billion cfe by next year (up 17% from likely 2025 levels), while keeping annual capital spending below $700 million (versus about $665 million last year).the company has been securing additional transportation to get this gas to markets beyond pennsylvania, which should help with pricing.
source: company earnings report, 2026
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What could go wrong
Range is not a generic energy risk story. You are betting on one basin, one commodity stream, and a production ramp that the market will audit quarter by quarter.
med
gas prices do most of the talking
Range is a pure-play producer. When Appalachian gas prices weaken, there is no second business line to steady the results.
100% of the company's about $3.1B revenue comes from natural gas production. That is direct commodity exposure, not a side issue.
med
the 2.6B cfe/day target is a real hurdle
The growth case now leans on bringing drilled but uncompleted wells online and lifting daily volumes above the 2.209B cfe pace seen through september.
Management's target implies about 17% growth from likely 2025 levels. If that slips, the rerating case gets much thinner.
med
cost inflation can eat the recovery
Cash operating costs were already rising a bit faster than output. That matters more when quarterly margin is 22.0% and realized pricing is outside management's control.
Capex is supposed to stay below $700M versus about $665M last year. If spending rises without better pricing, free cash flow takes the hit.
med
better transportation still has to show up in realized results
Management wants more gas moving beyond Pennsylvania and into premium markets. The idea makes sense. The market will still wait for proof in realized pricing and margins.
If the transportation push does not improve economics, you are left with the same commodity exposure and more waiting.
here's the thing: you are not buying diversification. You are buying operating discipline inside a commodity business and hoping the commodity cooperates long enough for the discipline to matter.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings release
the next report should tell you whether production is moving beyond the 2.209B cfe/day pace and whether the 2.6B target still looks credible.
trend
gas-price help versus operating reality
if earnings improve again, separate commodity help from actual operating gains. This stock often gets credit for both at the same time.
metric
capital spending below $700M
management wants to hold spending below $700M versus about $665M last year. That is the discipline test hiding inside the growth story.
risk
costs rising faster than production
that pressure already showed up in 2025 commentary. If it keeps showing up, margin gains from better pricing disappear faster than you would like.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts do not see an obvious short-term edge here.
risk profile
average
stability score 3. That means middle-of-the-road overall risk, even if the commodity exposure itself feels hotter than average.
chart momentum
top 5%
technical score 1. The chart looks much stronger than the earnings predictability does. Welcome to commodity stocks.
earnings predictability
30 / 100
low predictability means estimates move around. If you own RRC, expect gas-price noise to hit the income statement.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 247 buyers vs. 222 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$29
$74
$34
current price
$52
target midpoint · +55% from current · 3-5yr high: $85 (+155% · 27% ann'l return)
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