Range Resources Corporation (NYSE: RRC) stock fell -2.98% on Tuesday to $26.08 against a previous-day closing price of $26.88. With 3.64 million shares changed hands, the volume of the stock remained lighter than its average volume of 3.86 million shares. During the session, the Oil & Gas E&P company that operates in wider Energy sector, reached to the highest price of $26.80 whereas the lowest price it dropped to was $25.65. The 52-week range on RRC shows that it touched its highest point at $37.44 and its lowest point at $16.71 during that stretch. It currently has a 1-year price target of $35.00. With its current market cap of 6.22 billion, RRC has annualized dividend of $0.32 while the current yield stands at 1.23%. Beta for the stock currently stands at 2.20.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RRC was up-trending over the past week, with a rise of 0.97%, but this was down by -2.47% over a month. Three-month performance surged to 0.89% while six-month performance fell -18.06%. The stock gained 48.01% in the past year, while it has gained 4.24% so far this year. A look at the trailing 12-month EPS for RRC yields 4.74 with Next year EPS estimates of 4.28. For the next quarter, that number is 1.33. This implies an EPS growth rate of 154.60% for this year and -15.70% for next year. EPS is expected to grow by 33.37% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 20.90%.
Float and Shares Shorts:
At present, 239.77 million RRC shares are outstanding with a float of 234.24 million shares on hand for trading. On Oct 13, 2022, short shares totaled 10.98 million, which was 4.53% higher than short shares on Sep 14, 2022. In addition to Mr. Jeffrey L. Ventura as the firm’s Pres, CEO & Director, Mr. Mark S. Scucchi serves as its Sr. VP & CFO.
Through their ownership of 94.93% of RRC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 51.99% of RRC, in contrast to 36.20% held by mutual funds. Shares owned by individuals account for 21.79%. As the largest shareholder in RRC with 11.89% of the stake, Fidelity Management & Research Co holds 28,735,628 shares worth 28,735,628. A second-largest stockholder of RRC, The Vanguard Group, Inc., holds 24,784,834 shares, controlling over 10.26% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in RRC, holding 20,714,823 shares or 8.57% stake. With a 3.09% stake in RRC, the iShares Core S&P Mid Cap ETF is the largest stakeholder. A total of 7,454,941 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 2.88% of RRC stock, is the second-largest Mutual Fund holder. It holds 6,969,176 shares valued at 174.37 million. American Funds Fundamental Invest holds 2.48% of the stake in RRC, owning 6,000,000 shares worth 150.12 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RRC since 27 analysts follow the stock currently. There are 9 analysts who recommend BUY ratings, while 2 suggest SELL ratings. Of the remaining analysts, 15 believe that the stock is worth HOLDING, 1 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With RRC analysts setting a high price target of $53.00 and a low target of $25.00, the average target price over the next 12 months is $34.71. Based on these targets, RRC could surge 103.22% to reach the target high and fall by -4.14% to reach the target low. Reaching the average price target will result in a growth of 33.09% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. RRC will report FY 2022 earnings on 02/21/2024. Analysts have provided yearly estimates in a range of $5.79 being high and $4.66 being low. For RRC, this leads to a yearly average estimate of $5.14. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Range Resources Corporation surprised analysts by -$0.05 when it reported $1.37 EPS against a consensus estimate of $1.42. The surprise factor in the prior quarter was $0.05. Based on analyst estimates, the high estimate for the next quarter is $1.84 and the low estimate is $0.84. The average estimate for the next quarter is thus $1.28.
Summary of Insider Activity:
Insiders traded RRC stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 23 while that of sell transactions has risen to 19 over the past year. The total number of shares bought during that period was 993,848 while 486,328 shares were sold.