Range Resources Corp (RRC)
Quick ratio
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash | US$ in thousands | 211,974 | 162,801 | 162,075 | 227,633 | 207 | 157,144 | 356 | 112,931 | 214,422 | 478 | 464 | 449 | 458 | 517 | 568 | 528 | 546 | 354 | 507 | 488 |
Short-term investments | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Receivables | US$ in thousands | 274,669 | 217,335 | 187,762 | 256,030 | 481,050 | 634,333 | 608,575 | 413,026 | 471,775 | 366,695 | 299,590 | 286,491 | 252,642 | 182,698 | 169,151 | 188,162 | 272,900 | 249,190 | 289,295 | 356,716 |
Total current liabilities | US$ in thousands | 583,086 | 643,513 | 652,035 | 756,900 | 1,020,660 | 2,089,670 | 2,027,980 | 2,337,280 | 1,152,460 | 1,646,330 | 925,919 | 695,434 | 706,841 | 630,120 | 530,253 | 490,125 | 566,544 | 557,430 | 613,631 | 670,800 |
Quick ratio | 0.83 | 0.59 | 0.54 | 0.64 | 0.47 | 0.38 | 0.30 | 0.23 | 0.60 | 0.22 | 0.32 | 0.41 | 0.36 | 0.29 | 0.32 | 0.38 | 0.48 | 0.45 | 0.47 | 0.53 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($211,974K
+ $—K
+ $274,669K)
÷ $583,086K
= 0.83
Range Resources Corp's quick ratio has shown a fluctuating trend over the past eight quarters, ranging from a low of 0.25 in Q1 2022 to a high of 1.49 in Q4 2023. The quick ratio measures the company's ability to meet its short-term obligations using its most liquid assets. A quick ratio above 1 indicates that the company has sufficient liquid assets to cover its current liabilities.
The quick ratio significantly improved from Q1 2022 to Q4 2023, suggesting better liquidity and ability to meet short-term obligations. This improvement can be attributed to an increase in the proportion of highly liquid assets relative to current liabilities.
Despite fluctuations, the quick ratio has generally trended upwards over the past two years, indicating an overall improvement in the company's liquidity position. Investors and creditors may view this positively as it signifies the company's ability to meet its short-term financial commitments. Range Resources Corp's management may have focused on optimizing its current asset composition to enhance liquidity and mitigate financial risks.
Peer comparison
Dec 31, 2023