Range Resources (RRC)

[dan_s]

Zacks Equity Research note on 4/20/2017:

"For 2017, the company (Range Resources) has set its production guidance at 2.07 Bcfe per day, which translates to annual growth rate of 33–35%. Given the recovery of natural gas prices from the multiyear low levels, we expect the company to be able to sell the increased output at higher prices. This, in turn, should boost the company’s first-quarter results. The company also projects capital spending of $1.15 billion for 2017. The raised guidance was issued after two consecutive years of capital budget reduction. The company believes that higher activity along with more spending should support significant production growth this quarter as well as in the future."

Gulfport reported yesterday that their realized price for NGLs increased from $23.10/bbl in Q4 to $26.46/bbl in Q1. RRC produces a lot of NGLs. If they get a similar price for their NGLs, RRCs Q1 EPS should beat First Call's estimates for both revenues and EPG for Q1.