Why Range Resources Stock Is Soaring Today
Shares of Range Resources (NYSE: RRC) had surged nearly 1% by 10:45 p.m. ET on Wednesday. Fueling the natural gas stock was its plan to start returning cash to investors in 2022.
Range Resources kept a lid on capital spending in 2021, enabling it to cash in on higher natural gas prices. That positioned the company to generate significant free cash flow, allowing it to reduce net debt by $379 million during the year. It also took advantage of the improved market conditions and low interest rates to refinance near-term debt maturities.
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Source Fool.com