Quarterly earnings reports are big movers for many stock prices. When a company fails to meet the market's expectations, its stock will usually drop to discount in the new information. If earnings exceed expectations, a higher stock price will usually be the reward.

With that in mind, we created a screen of stocks that meet the following criteria:

  • Releasing earnings April 25 to April 27
  • Dividend yield between 3%-7%
  • Short covering month over month (bullish signal)

Business section: Investing ideas
We chose to search for short covering because changes in the number of shares shorted over time can give a clue as to whether investors are becoming more or less pessimistic about the name.

In this case, when a stock sees fewer shares shorted over time, it indicates greater optimism from investors.

Do you agree? (Click here to access free, interactive tools to analyze these ideas.)

1. RPC (NYSE: RES): Provides a range of oilfield services and equipment to the oil and gas companies primarily in the United States. The company has a market cap of $2.0 billion, most recent closing price at $9.09. Dividend yield: 3.43%. Earnings date: April 25. Shares shorted have decreased from 15.90 million to 14.26 million over the last month, a decrease which represents about 2.23% of the company's float of 73.44 million shares. Days-to-cover ratio stands at 5.94 days.

2. Old Republic International (NYSE: ORI): Engages in insurance underwriting business. The company has a market cap of $2.64 billion, most recent closing price at $10.19. Dividend yield: 6.94%. Earnings date: April 26. Shares shorted have decreased from 11.37 million to 8.67 million over the last month, a decrease which represents about 1.14% of the company's float of 237.28 million shares. Days-to-cover ratio stands at 3.54 days.

3. United Bankshares (Nasdaq: UBSI): Provides commercial and retail banking services and products in the United States. The company has a market cap of $1.34 billion, most recent closing price at $26.67. Dividend yield: 4.6%. Earnings date: April 26. Shares shorted have decreased from 7.92 million to 7.21 million over the last month, a decrease which represents about 1.65% of the company's float of 43.06 million shares. Days-to-cover ratio stands at 21.15 days.

4. Corporate Office Properties Trust (NYSE: OFC): Engages in the acquisition, development, ownership, management, and leasing of suburban office properties. The company has a market cap of $1.61 billion, most recent closing price at $22.30. Dividend yield: 4.85%. Earnings date: April 26. Shares shorted have decreased from 3.82 million to 2.88 million over the last month, a decrease which represents about 1.33% of the company's float of 70.94 million shares. Days-to-cover ratio stands at 3.67 days.

5. Federated Investors (NYSE: FII): Provides its services to individuals, including high-net-worth individuals, banking or thrift institutions, investment companies, pension and profit sharing plans, pooled investment vehicles, charitable organizations, state or municipal government entities, and registered investment advisors. The company has a market cap of $2.12 billion, most recent closing price at $20.47. Dividend yield: 4.65%. Earnings date: April 26. Shares shorted have decreased from 17.13 million to 15.42 million over the last month, a decrease which represents about 1.84% of the company's float of 92.70 million shares. Days-to-cover ratio stands at 9.87 days.

6. Validus Holdings: Provides reinsurance and insurance coverage in the property, marine, and specialty lines markets worldwide. The company has a market cap of $3.15 billion, most recent closing price at $30.88. Dividend yield: 3.24%. Earnings date: April 26. Shares shorted have decreased from 1.94 million to 378,870 over the last month, a decrease which represents about 1.71% of the company's float of 91.32 million shares. Days-to-cover ratio stands at 0.52 days.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the stocks mentioned above. Analyst ratings sourced from Zacks Investment Research.