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Why Range Resources Stock Is Sinking Today

TheMotleyFool

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Why Range Resources Stock Is Sinking TodayPhoto, wide shot, wide-angle lens, Gas company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/01083d82-021d-4573-8c40-0e836a0771d6.png

Shares of Range Resources (NYSE: RRC) fell as much as 9.9% by 10:30 a.m. EDT on Tuesday. Weighing on the natural gas stock was its second-quarter results.

Range Resources reported a surprise loss of $156 million, or $0.65 per share, missing the consensus estimate by $0.89 per share. The primary issue was a $250 million fair value loss on its oil and gas hedges due to rising commodity prices. In addition, the company incurred higher costs during the quarter thanks to increasing infrastructure, general and administrative, and interest expenses.

Image source: Getty Images.

Source Fool.com

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