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.
Range Resources (RRC) to Post Q1 Earnings: What's in Store?
Read MoreHide Full Article
Range Resources Corporation (RRC - Free Report) is scheduled to report first-quarter 2021 earnings on Apr 26, after the closing bell.
In the last reported quarter, the upstream company announced adjusted earnings of 2 cents per share, which missed the Zacks Consensus Estimate of 6 cents due to decreased commodity prices and low overall production volumes. This was partially offset by a decline in direct operating costs.
Range Resources’ earnings beat the Zacks Consensus Estimate twice and missed on other two occasions in the trailing four quarters, with the average surprise being 62.4%. This is depicted in the graph below:
Range Resources Corporation Price and EPS Surprise
Let’s see how things have shaped up prior to this announcement.
Trend in Estimate Revision
The Zacks Consensus Estimate for first-quarter earnings per share of 26 cents has witnessed two upward and downward revisions over the past 30 days. The estimated figure suggests an increase of 550% from the prior-year reported number.
However, the consensus estimate for first-quarter revenues of $570.4 million indicates a 17.8% decline from the year-ago reported figure.
Factors to Consider
As Range Resources is among the top 10 natural gas producers in the United States, the price of the commodity and production volumes are primarily expected to have impacted the bottom line in the first quarter. The Zacks Consensus Estimate for the company’s first-quarter natural gas production is pegged at 1,474 million cubic feet (MMcf), indicating a decline from the year-ago level of 1,601.8 MMcf. The consensus estimate for first-quarter natural gas price (excluding derivatives) is pegged at $2.54 per Mcf, signaling a rise from the year-ago level of $1.74. Although lower production is expected to have affected profits, the negatives are likely to have been offset by higher commodity prices.
Similarly, the Zacks Consensus Estimate for its oil production is pegged at 6,690 barrels per day (bpd), indicating a decline from the year-ago period’s 9,542 bpd. However, the consensus estimate for first-quarter realized oil prices (excluding derivatives) is pegged at $43.15 per barrel, signaling a rise from $41.01 a year ago.
Earnings Whispers
Our proven model does not predict an earnings beat for Range Resources this time around. That is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. That is not the case here as you will see below.
Earnings ESP: Range Resources has an Earnings ESP of -11.54%. This is because the Most Accurate Estimate for the quarter is currently pegged at 23 cents per share, below the Zacks Consensus Estimate of 26 cents. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: Range Resources currently carries a Zacks Rank #3.
Stocks to Consider
While an earnings beat looks uncertain for Range Resources, here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Hess Corporation (HES - Free Report) has an Earnings ESP of +18.90% and is a Zacks #3 Ranked player. The company is scheduled to release first-quarter results before the opening bell on Apr 28.
Continental Resources, Inc. has an Earnings ESP of +36.67% and a Zacks Rank #3. The firm is scheduled to release quarterly earnings on Apr 28.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Image: Bigstock
Range Resources (RRC) to Post Q1 Earnings: What's in Store?
Range Resources Corporation (RRC - Free Report) is scheduled to report first-quarter 2021 earnings on Apr 26, after the closing bell.
In the last reported quarter, the upstream company announced adjusted earnings of 2 cents per share, which missed the Zacks Consensus Estimate of 6 cents due to decreased commodity prices and low overall production volumes. This was partially offset by a decline in direct operating costs.
Range Resources’ earnings beat the Zacks Consensus Estimate twice and missed on other two occasions in the trailing four quarters, with the average surprise being 62.4%. This is depicted in the graph below:
Range Resources Corporation Price and EPS Surprise
Range Resources Corporation price-eps-surprise | Range Resources Corporation Quote
Let’s see how things have shaped up prior to this announcement.
Trend in Estimate Revision
The Zacks Consensus Estimate for first-quarter earnings per share of 26 cents has witnessed two upward and downward revisions over the past 30 days. The estimated figure suggests an increase of 550% from the prior-year reported number.
However, the consensus estimate for first-quarter revenues of $570.4 million indicates a 17.8% decline from the year-ago reported figure.
Factors to Consider
As Range Resources is among the top 10 natural gas producers in the United States, the price of the commodity and production volumes are primarily expected to have impacted the bottom line in the first quarter. The Zacks Consensus Estimate for the company’s first-quarter natural gas production is pegged at 1,474 million cubic feet (MMcf), indicating a decline from the year-ago level of 1,601.8 MMcf. The consensus estimate for first-quarter natural gas price (excluding derivatives) is pegged at $2.54 per Mcf, signaling a rise from the year-ago level of $1.74. Although lower production is expected to have affected profits, the negatives are likely to have been offset by higher commodity prices.
Similarly, the Zacks Consensus Estimate for its oil production is pegged at 6,690 barrels per day (bpd), indicating a decline from the year-ago period’s 9,542 bpd. However, the consensus estimate for first-quarter realized oil prices (excluding derivatives) is pegged at $43.15 per barrel, signaling a rise from $41.01 a year ago.
Earnings Whispers
Our proven model does not predict an earnings beat for Range Resources this time around. That is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. That is not the case here as you will see below.
Earnings ESP: Range Resources has an Earnings ESP of -11.54%. This is because the Most Accurate Estimate for the quarter is currently pegged at 23 cents per share, below the Zacks Consensus Estimate of 26 cents. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: Range Resources currently carries a Zacks Rank #3.
Stocks to Consider
While an earnings beat looks uncertain for Range Resources, here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
EOG Resources, Inc. (EOG - Free Report) has an Earnings ESP of +15.47% and a Zacks Rank of 1. It is scheduled to report first-quarter results on May 6. You can see the complete list of today’s Zacks #1 Rank stocks here.
Hess Corporation (HES - Free Report) has an Earnings ESP of +18.90% and is a Zacks #3 Ranked player. The company is scheduled to release first-quarter results before the opening bell on Apr 28.
Continental Resources, Inc. has an Earnings ESP of +36.67% and a Zacks Rank #3. The firm is scheduled to release quarterly earnings on Apr 28.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
AccessZacks Top 10 Stocks for 2021 today >>