Is a Beat in Store for Range Resources (RRC) in Q3 Earnings?
Range Resources Corporation RRC is set to report third-quarter 2023 earnings on Oct 24, after the closing bell.
In the last reported quarter, the companyās 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 Resourcesā 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 theyāre 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 (āEIAā), 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 RRCās 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 RRCās 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 currently has an Earnings ESP of +28.20% and a Zacks Rank #2. You can see the complete list of todayās Zacks #1 Rank stocks here.
The company is scheduled to release third-quarter earnings on Nov 6. The Zacks Consensus Estimate for VNOMās earnings is pegged at 38 cents per share, suggesting a decline from the year-ago figure.
Antero Resources Corporation AR 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 ARās loss is pegged at 6 cents per share.
Valero Energy Corporation VLO 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 VLOās 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.
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Range Resources Corporation (RRC) : Free Stock Analysis Report
Valero Energy Corporation (VLO) : Free Stock Analysis Report
Antero Resources Corporation (AR) : Free Stock Analysis Report
Viper Energy Partners LP (VNOM) : Free Stock Analysis Report
