Range Resources (RRC) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
Range Resources (RRC) reported $586.32 million in revenue for the quarter ended June 2023, representing a year-over-year decline of 44.6%. EPS of $0.30 for the same period compares to $1.27 a year ago.
The reported revenue represents a surprise of +0.33% over the Zacks Consensus Estimate of $584.4 million. With the consensus EPS estimate being $0.21, the EPS surprise was +42.86%.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: 1422.16 Mcf/D versus 1437.38 Mcf/D estimated by nine analysts on average.
Net production per day - Oil: 7234 MBBL/D versus 6590.54 MBBL/D estimated by nine analysts on average.
Net production per day - NGLs: 102.53 MBBL/D versus 99.78 MBBL/D estimated by nine analysts on average.
Average realized prices after hedges - Natural gas: $2.34 compared to the $2.35 average estimate based on eight analysts.
Average realized prices after hedges - Oil: $62.54 compared to the $60.46 average estimate based on seven analysts.
Net production per day - Natural Gas Equivalent: 2080.75 Mcfe/D versus the six-analyst average estimate of 2077.22 Mcfe/D.
Average realized prices after hedges - NGL: $21.51 versus the six-analyst average estimate of $24.37.
Realized prices before NYMEX hedges - NGL: $21.51 compared to the $25.80 average estimate based on five analysts.
Revenues- Natural gas, NGL and oil sales: $468.38 million compared to the $535.59 million average estimate based on three analysts. The reported number represents a change of -52.3% year over year.
Revenues- Brokered natural gas and marketing and other: $41.35 million compared to the $80.73 million average estimate based on three analysts. The reported number represents a change of -61.1% year over year.
Revenues- Derivative fair value (loss) income: $123.73 million compared to the $63.91 million average estimate based on two analysts. The reported number represents a change of -151.6% year over year.
Revenues- Natural gas, NGL and oil sales- Natural gas sales: $225.36 million compared to the $229.27 million average estimate based on two analysts. The reported number represents a change of -75.2% year over year.
View all Key Company Metrics for Range Resources here>>>
Shares of Range Resources have returned +6.8% over the past month versus the Zacks S&P 500 composite's +4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Range Resources Corporation (RRC) : Free Stock Analysis Report
