Range Resources Corporation (NYSE: RRC) stock jumped 1.92% on Wednesday to $29.80 against a previous-day closing price of $29.24. With 5.07 million shares changed hands, the volume of the stock remained heavier than its average volume of 4.67 million shares. During the session, the Oil & Gas E&P company that operates in wider Energy sector, reached to the highest price of $29.84 whereas the lowest price it dropped to was $28.97. The 52-week range on RRC shows that it touched its highest point at $37.44 and its lowest point at $22.61 during that stretch. It currently has a 1-year price target of $32.12. With its current market cap of 7.23 billion, RRC has annualized dividend of $0.32 while the current yield stands at 1.07%. Beta for the stock currently stands at 2.11.
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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 8.28%, but this was up by 18.73% over a month. Three-month performance surged to 17.97% while six-month performance rose 5.64%. The stock gained 1.92% in the past year, while it has gained 19.10% so far this year. A look at the trailing 12-month EPS for RRC yields 8.55 with Next year EPS estimates of 3.42. For the next quarter, that number is 0.41. This implies an EPS growth rate of 191.40% for this year and 32.66% for next year. EPS is expected to decline by -2.77% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 202.20%.
Float and Shares Shorts:
At present, 238.02 million RRC shares are outstanding with a float of 234.24 million shares on hand for trading. On Apr 27, 2023, short shares totaled 8.79 million, which was 3.64% higher than short shares on Mar 30, 2023. In addition to Mr. Dennis L. Degner as the firm’s CEO, Pres & Director, Mr. Mark S. Scucchi serves as its Exec. VP & CFO.
Through their ownership of 91.99% of RRC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 52.96% of RRC, in contrast to 37.03% held by mutual funds. Shares owned by individuals account for 22.23%. As the largest shareholder in RRC with 10.40% of the stake, Fidelity Management & Research Co holds 25,103,741 shares worth 25,103,741. A second-largest stockholder of RRC, The Vanguard Group, Inc., holds 24,803,416 shares, controlling over 10.28% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in RRC, holding 20,252,977 shares or 8.39% stake. With a 3.60% stake in RRC, the American Funds Fundamental Invest is the largest stakeholder. A total of 8,692,598 shares are owned by the mutual fund manager. The iShares Core S&P Mid Cap ETF, which owns about 3.13% of RRC stock, is the second-largest Mutual Fund holder. It holds 7,540,274 shares valued at 199.44 million. Vanguard Total Stock Market ETF holds 2.96% of the stake in RRC, owning 7,149,742 shares worth 189.11 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, RRC reported revenue of $1.47B and operating income of $862.03M. The EBITDA in the recently reported quarter was $967.75M and diluted EPS was $1.77.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RRC since 0 analysts follow the stock currently. 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 $48.00 and a low target of $20.00, the average target price over the next 12 months is $32.12. Based on these targets, RRC could surge 61.07% to reach the target high and fall by -32.89% to reach the target low. Reaching the average price target will result in a growth of 7.79% 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.
Summary of Insider Activity:
Insiders traded RRC stock several times over the past three months with 8 Buys and 0 Sells. In these transactions, 1,206,499 shares were bought while 0 shares were sold. The number of buy transactions has increased to 15 while that of sell transactions has risen to 16 over the past year. The total number of shares bought during that period was 1,311,319 while 421,328 shares were sold.