Natural gas producer Range Resources (NYSE: RRC) will be reporting earnings this Tuesday after market close. Here’s what to look for.
Range Resources beat analysts’ revenue expectations last quarter, reporting revenues of $736.7 million, up 5.4% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates. It reported year-on-year oil production per day growth of 1.5%.
Is Range Resources a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Range Resources’s revenue to grow 16.4% year on year, improving from the 3.3% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Range Resources has a history of exceeding Wall Street’s expectations.
Looking at Range Resources’s peers in the upstream & integrated segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Kinder Morgan delivered year-on-year revenue growth of 9.3%, beating analysts’ expectations by 20.4%, and SLB reported revenues up 5.8%, topping estimates by 1.7%. Kinder Morgan’s stock price was unchanged following the results.
Read our full analysis of Kinder Morgan’s results here and SLB’s results here.
There has been positive sentiment among investors in the upstream & integrated segment, with share prices up 5.2% on average over the last month. Range Resources is up 19% during the same time and is heading into earnings with an average analyst price target of $46.33 (compared to the current share price of $45.07).
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