Range Resources Corp (RRC.N): 2Q2026 Earnings - Operationally Sound With Production Growth Inflecting Through 2H - Pricing to Remain Volatile

研报英文原文证据摘录

Range Resources Corp (RRC.N): 2Q2026 Earnings - Operationally Sound With Production Growth Inflecting Through 2H - Pricing to Remain Volatile

Action |

22 Jul 2026 17:31:36 ET │ 14 pages

Range Resources Corp (RRC.N)

2Q2026 Earnings - Operationally Sound With Production Growth

Inflecting Through 2H - Pricing to Remain Volatile

CITI'S TAKE Neutral

Short-Term View: Upside

RRC reported a solid 2Q2026, with an adjusted cash flow beat driven by

Price (22 Jul 26 16:00) US$38.75 better pricing differentials than the Street expected. We retain our Neutral

Target price US$42.00↓ rating, but reduce our target price to $42/share, reflecting ongoing macro

uncertainty and expected pricing volatility. While guidance was from US$45.00

reaffirmed, we continue to model a production growth inflection Expected share price return 8.4%

beginning in the third quarter and holding through YE2027. However, our Expected dividend yield 3.7%

3Q adjusted cash flow estimate of ~$329.5mm is below consensus, as we Expected total return 12.1%

see pricing differentials as the variable with the widest error-bar in coming Market Cap US$9,055M

quarters. Our Neutral stance is maintained due to a lack of material near-

term catalysts and what we currently view as a structurally full valuation

despite their operational stability.

Paul DiamondAC

Key Takeaways — As discussed here, RRC reported 2Q2026 earnings with adjusted +1-212-816-0638

cash flow of ~$327mm, which was moderately above both VA consensus and our paul.diamond@citi.com

estimate. We viewed this as a solid print with results largely as expected – their cash Scott Gruber

flow beat was driven by higher pricing than Street expectations with in line +1-212-816-8919

production while capital spending came in a bit heavy on activity timing.