We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Is a Beat in Store for Range Resources (RRC) in Q3 Earnings?
Read MoreHide Full Article
Range Resources Corporation (RRC - Free Report) is set to report third-quarter 2023 earnings on Oct 24, after the closing bell.
In the last reported quarter, the company’s earnings of 30 cents per share beat the Zacks Consensus Estimate of 21 cents, thanks to lower total costs and expenses. In each of the last four quarters, Range Resources’ earnings surpassed the Zacks Consensus Estimate, the average surprise being 21.7%. This is depicted in the graph below:
Range Resources Corporation Price and EPS Surprise
The Zacks Consensus Estimate for third-quarter earnings per share of 31 cents has witnessed three upward revisions and two downward movements over the past 30 days. The estimated figure suggests a decline of 77.4% from the year-ago reported number.
The Zacks Consensus Estimate for third-quarter revenues of $621.1 million indicates a decrease of 43.7% from the year-ago reported figure.
Earnings Whispers
Our proven model predicts an earnings beat for RRC this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is just the case here.
Earnings ESP: Range Resources has an Earnings ESP of +7.08%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: RRC currently carries a Zacks Rank #3.
Factors to Note
The pricing scenario of oil and natural gas was impressive in the third quarter of this year. Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices per barrel in July, August and September were $76.07, $81.39 and $89.43, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices were impressive and healthy.
Like oil, natural gas prices in the September quarter were healthier than in the second quarter, aiding the exploration and production activities of Range Resources. Although we estimate RRC’s total gas equivalent daily production volumes to decline a marginal 1% year over year in the third quarter, higher commodity prices are likely to have aided RRC’s earnings.
Other Stocks to Consider
Here are some other firms that you may want to consider, as these, too, have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
The company is scheduled to release third-quarter earnings on Nov 6. The Zacks Consensus Estimate for VNOM’s earnings is pegged at 38 cents per share, suggesting a decline from the year-ago figure.
Antero Resources Corporation (AR - Free Report) has an Earnings ESP of +91.67% and is currently a Zacks #3 Ranked player.
The company is scheduled to release third-quarter results on Oct 25. The Zacks Consensus Estimate for AR’s loss is pegged at 6 cents per share.
Valero Energy Corporation (VLO - Free Report) has an Earnings ESP of +4.05% and is a Zacks #2 Ranked player at present.
Valero Energy is scheduled to release third-quarter results on Oct 26. The Zacks Consensus Estimate for VLO’s earnings is pegged at $7.21 per share, suggesting a marginal year-over-year improvement.
Image: Bigstock
Is a Beat in Store for Range Resources (RRC) in Q3 Earnings?
Range Resources Corporation (RRC - Free Report) is set to report third-quarter 2023 earnings on Oct 24, after the closing bell.
In the last reported quarter, the company’s earnings of 30 cents per share beat the Zacks Consensus Estimate of 21 cents, thanks to lower total costs and expenses. In each of the last four quarters, Range Resources’ earnings surpassed the Zacks Consensus Estimate, the average surprise being 21.7%. This is depicted in the graph below:
Range Resources Corporation Price and EPS Surprise
Range Resources Corporation price-eps-surprise | Range Resources Corporation Quote
Estimate Trend
The Zacks Consensus Estimate for third-quarter earnings per share of 31 cents has witnessed three upward revisions and two downward movements over the past 30 days. The estimated figure suggests a decline of 77.4% from the year-ago reported number.
The Zacks Consensus Estimate for third-quarter revenues of $621.1 million indicates a decrease of 43.7% from the year-ago reported figure.
Earnings Whispers
Our proven model predicts an earnings beat for RRC this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is just the case here.
Earnings ESP: Range Resources has an Earnings ESP of +7.08%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: RRC currently carries a Zacks Rank #3.
Factors to Note
The pricing scenario of oil and natural gas was impressive in the third quarter of this year. Per data provided by the U.S. Energy Information Administration (“EIA”), the average West Texas Intermediate crude prices per barrel in July, August and September were $76.07, $81.39 and $89.43, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices were impressive and healthy.
Like oil, natural gas prices in the September quarter were healthier than in the second quarter, aiding the exploration and production activities of Range Resources. Although we estimate RRC’s total gas equivalent daily production volumes to decline a marginal 1% year over year in the third quarter, higher commodity prices are likely to have aided RRC’s earnings.
Other Stocks to Consider
Here are some other firms that you may want to consider, as these, too, have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Viper Energy Partners LP (VNOM - Free Report) currently has an Earnings ESP of +28.20% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The company is scheduled to release third-quarter earnings on Nov 6. The Zacks Consensus Estimate for VNOM’s earnings is pegged at 38 cents per share, suggesting a decline from the year-ago figure.
Antero Resources Corporation (AR - Free Report) has an Earnings ESP of +91.67% and is currently a Zacks #3 Ranked player.
The company is scheduled to release third-quarter results on Oct 25. The Zacks Consensus Estimate for AR’s loss is pegged at 6 cents per share.
Valero Energy Corporation (VLO - Free Report) has an Earnings ESP of +4.05% and is a Zacks #2 Ranked player at present.
Valero Energy is scheduled to release third-quarter results on Oct 26. The Zacks Consensus Estimate for VLO’s earnings is pegged at $7.21 per share, suggesting a marginal year-over-year improvement.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.