Is a Beat in Store for Range Resources (RRC) in Q3 Earnings?
Range Resources Corporation RRC is set to report third-quarter 2022 earnings on Oct 24, after the closing bell.
In the last reported quarter, the upstream company announced adjusted earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.21, thanks to higher realizations of commodity prices. In the trailing four quarters, Range Resources’ earnings beat the Zacks Consensus Estimate twice, missed once and met the same once. This is depicted in the graph below:
Let’s see how things have shaped up prior to this announcement.
Range Resources Corporation Price and EPS Surprise
Range Resources Corporation price-eps-surprise | Range Resources Corporation Quote
Trend in Estimate Revision
The Zacks Consensus Estimate for third-quarter earnings per share of $1.36 has witnessed three upward and two downward revisions over the past 30 days. The estimated figure suggests a massive year-over-year improvement.
Similarly, the consensus estimate for third-quarter revenues of $1.1 billion indicates a 252% increase from the year-ago reported figure.
What the Quantitative Model Suggests
Our proven model predicts an earnings beat for Range Resources 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.
Earnings ESP: Earnings ESP for the company is currently +1.43. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Range Resources currently carries a Zacks Rank #3.
Factors to Note
Per data provided by the U.S. Energy Information Administration (“EIA”), the average natural gas prices in July, August and September were recorded at $7.28 per million Btu, $8.81 per million Btu and $7.88 per million Btu, respectively. In the year-ago respective months, average natural gas prices were reported at $3.84 per million Btu, $4.07 per million Btu and $5.16 per million Btu, per the EIA’s data.
Being a leading independent natural gas and NGL producer in the United States, Range Resources is likely to have benefited from favorable commodity price.
Other Stocks to Consider
Here are some 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:
Schlumberger Limited SLB has an Earnings ESP of +0.23% and is a Zacks #2 Ranked player. You can see the complete list of today’s Zacks #1 Rank stocks here.
Schlumberger is scheduled to release third-quarter results on Oct 21. The Zacks Consensus Estimate for SLB’s earnings is pegged at 55 cents per share, suggesting an increase of 52.8% from the prior-year reported figure.
Diamondback Energy, Inc. FANG has an Earnings ESP of +0.85% and a Zacks Rank of 3.
Diamondback is scheduled to report third-quarter results on Nov 7. The Zacks Consensus Estimate for FANG’s earnings is pegged at $6.53 per share, suggesting a significant increase from the prior-year reported figure.
Halliburton Company HAL has an Earnings ESP of +1.54% and a Zacks Rank #2.
Halliburton is scheduled to release third-quarter earnings on Oct 25. The Zacks Consensus Estimate for HAL’s earnings is pegged at 56 cents per share, suggesting a massive increase from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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