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Range Resources (RRC) Prices Senior Notes, Upsizes Offerings
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Range Resources Corporation (RRC - Free Report) announced the pricing of $600 million of senior notes. Notably, the aggregate principal amount is upsized from $500 million.
The independent natural gas and natural gas liquid producer priced the notes at par, which will likely mature in 2029 and carry an interest rate of 8.25%. The notes were offered to qualified institutional investors and the upstream firm closed the offerings on Jan 8.
Importantly, the company estimated the net proceeds of the offerings at $590.8 million. Range Resources added its intention of allocating the proceeds for general corporate activities, which comprise the repayment of borrowings under bank credit facility.
Company Profile & Price Performance
Headquartered in Fort Worth, TX, Range Resources is one of the leading natural gas explorers and producers in the domestic market. The independent natural gas producer’s operations are mainly focused on the Appalachian Basin. It owns a sizable inventory of drilling locations in those potential resources.
The company’s stock has underperformed the industry in the past six months. The stock has gained 27.5% compared with 55.7% growth of the industry it belongs to.
Zacks Rank & Stocks to Consider
Range Resources currently carries a Zack Rank #4 (Sell).
In the past 60 days, the Zacks Consensus Estimate for China Petroleum’s 2020 earnings has been raised by 248.7%.
W&T Offshores and Plains Groups are likely to see earnings growth of 77.9% and 194.8%, respectively, in the next year.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Range Resources (RRC) Prices Senior Notes, Upsizes Offerings
Range Resources Corporation (RRC - Free Report) announced the pricing of $600 million of senior notes. Notably, the aggregate principal amount is upsized from $500 million.
The independent natural gas and natural gas liquid producer priced the notes at par, which will likely mature in 2029 and carry an interest rate of 8.25%. The notes were offered to qualified institutional investors and the upstream firm closed the offerings on Jan 8.
Importantly, the company estimated the net proceeds of the offerings at $590.8 million. Range Resources added its intention of allocating the proceeds for general corporate activities, which comprise the repayment of borrowings under bank credit facility.
Company Profile & Price Performance
Headquartered in Fort Worth, TX, Range Resources is one of the leading natural gas explorers and producers in the domestic market. The independent natural gas producer’s operations are mainly focused on the Appalachian Basin. It owns a sizable inventory of drilling locations in those potential resources.
The company’s stock has underperformed the industry in the past six months. The stock has gained 27.5% compared with 55.7% growth of the industry it belongs to.
Zacks Rank & Stocks to Consider
Range Resources currently carries a Zack Rank #4 (Sell).
Some better-ranked players in the energy space are China Petroleum & Chemical Corporation , W&T Offshores, Inc. (WTI - Free Report) , and Plains Groups Holdings, LP (PAGP - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for China Petroleum’s 2020 earnings has been raised by 248.7%.
W&T Offshores and Plains Groups are likely to see earnings growth of 77.9% and 194.8%, respectively, in the next year.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>