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RRC · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Range Resources Corporation (RRC) stock moving?
RRC jumped from $43.86 (Oct 22) to a $53.56 close on Oct 26, on 26.5M shares of volume versus roughly 3M on a normal day, when EQT announced an all-stock acquisition of Range. The stock peaked at $56.90 intraday on Oct 28, after Q3 results showed $308M of operating cash flow, record liquids output of 133,173 bbl/d and a realized price of $3.43/mcfe. It then slid to $48.72 by Nov 6 as volume faded, and rebounded to $51.20 on Nov 10 on about 3.1M shares. Because the consideration is EQT stock, RRC's price now tracks EQT's share price and the exchange ratio, which the provided data does not include. Truist kept a Hold and raised its target to $51, near the current price. The Halper Sadeh investigation is a shareholder-rights notice, not a finding. Deal closing and its terms remain ahead, so the outlook depends on that outcome.
News behind the analysis
- Truist Securities Maintains Hold on Range Resources, Raises Price Target to $51Truist kept its Hold rating on Range Resources and raised its price target to $51, close to the Nov 10 close of $51.20.
- Halper Sadeh LLC Investigates Range Resources Corporation Regarding Proposed Sale to EQT CorporationInvestor rights firm Halper Sadeh opened an investigation into whether the EQT sale is fair to Range shareholders. No ruling or finding has been made.
- EQT Announces Strategic Acquisition of Range Resources, Creating America's Undisputed Natural Gas ChampionEQT agreed to acquire Range in an all-stock deal, with a pro forma enterprise value above $50B and $325M of base annual synergies within two years.
- Range Announces Third Quarter 2026 ResultsQ3 operating cash flow was $308M and record liquids output reached 133,173 bbl/d, with production of 2.50 Bcfe/d. Management tied the results to the pending EQT deal.
- Range Resources Form 10-Q for the period ended September 30, 2026The quarterly report was filed with the SEC, covering the third quarter of 2026 results and the pending merger.
- Range Resources Expects Q3 2026 Gain on Derivatives of $58.1 MillionRange preliminarily expected a $58.1M derivative gain and $51.9M in net cash receipts on derivative settlements for Q3 2026. Figures remain subject to change.
About Range Resources Corp
Range Resources is a Fort Worth, Texas-based company that produces natural gas and natural gas liquids, mostly from the Marcellus Shale in Pennsylvania. It pioneered the Marcellus and stands out for its large liquids-rich acreage and its access to export markets for NGLs. In October 2026 it agreed to be bought by EQT in an all-stock deal, which is expected to close in early 2027.
How it makes money
Range earns money by selling the natural gas, natural gas liquids (such as ethane and propane) and small amounts of oil and condensate that it pumps from its Appalachian wells. Production in Q3 2026 was about 2.5 Bcfe per day, roughly 68% natural gas, with record liquids output of about 133,000 barrels per day. Quarterly revenue is roughly $0.8 billion. It also uses hedges to lock in prices, and changes in the value of those hedges can swing reported earnings.
What usually moves RRC
- Natural gas prices (Henry Hub/NYMEX) and Appalachian price differentials
- NGL prices and export demand
- Progress and terms of the pending EQT all-stock acquisition
- LNG export and power/data-center gas demand
- Production growth, costs and shareholder returns