Analysts at RBC Capital provided their views on Ranger Oil Corporation (NASDAQ:ROCC), updating their Q1 estimates to reflect final commodity prices and other changes based on their channel checks, data analytics, and conversations with the company.

The analysts’ Q1 EPS/CFPS estimates decreased by $0.04/$0.04 to $2.24/$3.33. These estimates are slightly below the $2.27/$3.38 consensus expectations, although there are only a few that make up the average.

The analysts expect quarter capital spending at $86 million in line with consensus and near the mid-point the $80-90 million guidance.

The company is at the door to commence its stock buyback program. The analysts think there is ample FCF generation to allow the company to continue its consolidation strategy along with both debt reduction and shareholder returns. The company has the services and supplies needed for its 2.5 rig plan but there could be some optionality to increase that a bit if availability improves later in 2022.