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Is a Beat in Store for Range Resources (RRC) in Q1 Earnings?

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Range Resources Corporation (RRC - Free Report) is set to report first-quarter 2022 results on Apr 26, after the closing bell.

In the last reported quarter, the upstream energy player reported earnings of 96 cents per share, missing the Zacks Consensus Estimate of 98 cents owing to increased direct operating expenses.

In the trailing four quarters, Range Resources beat the Zacks Consensus Estimate for earnings once, missed once and met twice, delivering an earnings surprise of 8.6%, on average. This is depicted in the graph below:

Let’s see how things have shaped up prior to the announcement.

Estimate Trend

The Zacks Consensus Estimate for first-quarter earnings per share of $1.12 has witnessed five upward and no downward movements in the past 30 days. The consensus estimate suggests a year-over-year increase of 273.3%.

The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $923.3 million indicates a 47.5% improvement from the year-ago reported figure.

Earnings Whispers

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: Range Resources has an Earnings ESP of +2.68%. 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 #2.

Factors Driving the Better-Than-Expected Earnings

In the March quarter of this year, natural gas and oil prices were much higher than the year-ago quarter. Higher gas and oil price was favorable for Range Resources’ exploration and production activities.

The Zacks Consensus Estimate for RRC’s average natural gas production is pegged at 1,479 million cubic feet per day (MMcf/d), suggesting an improvement from 1,448 MMcf/d.

Higher production, backed by favorable commodity prices, is likely to have aided the leading natural gas producer’s bottom line.

Other Stocks That Warrant a Look

Here are some other 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:

Matador Resources Company (MTDR - Free Report) has an Earnings ESP of +2.75% and is a Zacks #1 Ranked player at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Matador is scheduled to release first-quarter results on Apr 26. The Zacks Consensus Estimate for Matador’s quarterly earnings is pegged at $1.97 per share, suggesting an increase of 177.5% from the prior-year reported figure.

EOG Resources (EOG - Free Report) has an Earnings ESP of +5.80% and is a Zacks #2 Ranked player at present.

EOG Resources is scheduled to release first-quarter results on May 5. The Zacks Consensus Estimate for EOG’s quarterly earnings is pegged at $3.23 per share, suggesting an increase of 99.4% from the prior-year figure.

ConocoPhillips (COP - Free Report) has an Earnings ESP of +11.44% and flaunts a Zacks Rank #1.

ConocoPhillips is scheduled to release first-quarter earnings on May 5. The Zacks Consensus Estimate for COP’s earnings is pegged at $2.93 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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