A month has gone by since the last earnings report for Range Resources (RRC Quick QuoteRRC - Free Report) . Shares have added about 9.9% in that time frame, outperforming the S&P 500.

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

RRC Q3 Earnings Top Estimates on Higher Gas Equivalent Production

Range Resources reported third-quarter 2025 adjusted earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 50 cents. The bottom line also improved from the prior-year level of 48 cents.

Total quarterly revenues of $717.6 million beat the Zacks Consensus Estimate of $691 million. The top line also increased from the prior-year figure of $680.2 million.

Strong quarterly results can be attributed to an increase in gas equivalent production and higher average commodity price realization.

Operational Performance

Production averaged 2,227.8 million cubic feet equivalent per day (Mcfe/d), higher than the year-ago quarter’s level of 2,204.5 Mcfe/d. The figure, however, came in lower than our projection of 2,256.4 Mcfe/d. Natural gas contributed approximately 69% to the company’s total production in the reported quarter, while NGLs and oil accounted for the rest.

Natural gas production increased 2% year over year. Oil production decreased 7%, while NGL output fell by 1% in the same time frame.

Total price realization (excluding derivative settlements and before third-party transportation costs) averaged $2.98 per Mcfe, up 13% year over year. Notably, price realization came in higher than our estimate of $2.95 per Mcfe. Natural gas price increased 51% on a year-over-year basis to $2.56 per Mcf. NGL price declined 15% to $22.09 per barrel, while oil price fell 15% to $54.25 per barrel.

Costs & Expenses

Total costs and expenses increased 3% year over year to $565.2 million. However, the reported figure came in marginally lower than our expectation of $566.6 million. Transportation, gathering, processing and compression costs, which constitute a significant part of the total costs, declined to $301 million from $306 million in the prior-year quarter. Depreciation, depletion and amortization expenses increased to $93.8 million from $91.1 million a year ago.

Capital Expenditure & Balance Sheet

Drilling and completion expenditure amounted to $165 million. An additional $16 million was spent on acreage and $9 million on infrastructure, pneumatic upgrades and other investments.

At the end of the third quarter, Range Resources reported a total debt of $1,216.8 million, net of deferred financing costs.

Outlook

Range Resources updated its total production for 2025 to approximately 2.23 billion cubic feet equivalent per day, with more than 30% attributed to liquids production. The company’s capital budget for the year is expected to be in the range of $650-$680 million.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -8.61% due to these changes.

VGM Scores

At this time, Range Resources has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. However, the stock has a grade of B on the value side, putting it in the top 40% for value investors.

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

Outlook

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

Performance of an Industry Player

Range Resources belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, EQT Corporation (EQT Quick QuoteEQT - Free Report) , has gained 13.9% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.

EQT reported revenues of $1.75 billion in the last reported quarter, representing a year-over-year change of +26.7%. EPS of $0.52 for the same period compares with $0.12 a year ago.

For the current quarter, EQT is expected to post earnings of $0.74 per share, indicating a change of +7.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +5.9% over the last 30 days.

EQT has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.