Compared to Estimates, Range Resources (RRC) Q3 Earnings: A Look at Key Metrics
Range Resources (RRC) reported $648.77 million in revenue for the quarter ended September 2023, representing a year-over-year decline of 41.2%. EPS of $0.46 for the same period compares to $1.37 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $619.07 million, representing a surprise of +4.80%. The company delivered an EPS surprise of +53.33%, with the consensus EPS estimate being $0.30.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Range Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net production per day - Natural gas: 1,448.97 Mcf/D versus 1,467 Mcf/D estimated by nine analysts on average.
Net production per day - Oil: 6386 millions of barrels of oil compared to the 7053.54 millions of barrels of oil average estimate based on nine analysts.
Net production per day - NGL: 105.96 millions of barrels of oil versus 102.06 millions of barrels of oil estimated by nine analysts on average.
Average realized prices after hedges - Natural gas: $2.47 versus the seven-analyst average estimate of $2.40.
Average realized prices after hedges - Oil: $62.13 versus the six-analyst average estimate of $65.15.
Net production per day - Natural Gas equivalent: 2,123.03 Mcfe/D versus 2,120.41 Mcfe/D estimated by six analysts on average.
Average realized prices after hedges - NGLs: $24.44 versus the five-analyst average estimate of $24.21.
Realized prices before NYMEX hedges - NGLs: $24.44 compared to the $23.69 average estimate based on five analysts.
Realized prices before NYMEX hedges - Oil: $70.69 versus the five-analyst average estimate of $70.76.
Revenues- Total oil and gas sales, as reported: $526.72 million versus the three-analyst average estimate of $567.22 million. The reported number represents a year-over-year change of -63.3%.
Revenues- Brokered natural gas and marketing and other, as reported: $43.33 million versus the three-analyst average estimate of $60.06 million. The reported number represents a year-over-year change of -67.5%.
Revenues- Natural gas, NGL and oil sales components- Natural gas sales: $246.98 million versus the two-analyst average estimate of $291.26 million. The reported number represents a year-over-year change of -76.6%.
View all Key Company Metrics for Range Resources here>>>
Shares of Range Resources have returned +12.6% over the past month versus the Zacks S&P 500 composite's -2.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Range Resources Corporation (RRC) : Free Stock Analysis Report
