A month has gone by since the last earnings report for Range Resources (RRC Quick QuoteRRC - Free Report) . Shares have lost about 7.4% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Range Resources due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Range Resources Corporation before we dive into how investors and analysts have reacted as of late.

Range Resources Beats on Q2 Earnings, Raises Production Guidance

Range Resources Corporation reported second-quarter 2025 adjusted earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 61 cents. The bottom line also improved from the prior-year level of 46 cents. 

Total quarterly revenues of $733 million beat the Zacks Consensus Estimate of $724 million. The top line also increased from the prior-year figure of $641 million.

Strong quarterly results can be attributed to higher gas equivalent production and increased natural gas price realization.

Operational Performance

Production averaged 2,197.3 million cubic feet equivalent per day (Mcfe/d), higher than the year-ago quarter’s level of 2,152.9 Mcfe/d. The figure also beat our projection of 2,184.4 Mcfe/d. Natural gas contributed approximately 68% to the company’s total production, while NGLs and oil accounted for the rest. 

Natural gas production remained flat year over year. Oil production decreased 2%, while NGL output increased 7% in the same time frame.

Total price realization (excluding derivative settlements and before third-party transportation costs) averaged $3.33 per Mcfe, up 36% year over year. Notably, price realization came in higher than our estimate of $3.23 per Mcfe. Natural gas price increased 90% on a year-over-year basis to $2.92 per Mcf. NGL price declined 3%, while oil price fell 23%.

Costs & Expenses

Total costs and expenses increased 7% year over year to $554.2 million. However, the reported figure came in lower than our expectation of $556.1 million. Transportation, gathering, processing and compression costs, which constitute a significant part of the total costs, increased to $304.7 million from $281.5 million in the prior-year quarter.

Capital Expenditure & Balance Sheet

Drilling and completion expenditure amounted to $136 million. An additional $11 million was spent on acreage and $7 million on infrastructure and other investments.

At the end of the second quarter, Range Resources reported a total debt of $1,211.7 million, net of deferred financing costs.

Outlook

Range Resources expects its total production for 2025 to be 2.225 billion cubic feet equivalent per day, of which more than 30% has been attributed to liquids production. The company has updated its capital budget for the year to the range of $650-$680 million.

How Have Estimates Been Moving Since Then?

It turns out, estimates review have trended downward during the past month.

The consensus estimate has shifted -6.34% due to these changes.

VGM Scores

Currently, Range Resources has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Range Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.