Advertisement
Canada markets close in 52 minutes

  • S&P/TSX

    22,026.08
    +154.12 (+0.70%)
     

  • S&P 500

    5,067.27
    +56.67 (+1.13%)
     

  • DOW

    38,484.88
    +244.90 (+0.64%)
     

  • CAD/USD

    0.7319
    +0.0018 (+0.25%)
     

  • CRUDE OIL

    83.35
    +1.45 (+1.77%)
     

  • Bitcoin CAD

    91,153.74
    +500.61 (+0.55%)
     

  • CMC Crypto 200

    1,434.46
    +19.70 (+1.39%)
     

  • GOLD FUTURES

    2,337.40
    -9.00 (-0.38%)
     

  • RUSSELL 2000

    2,008.59
    +41.12 (+2.09%)
     

  • 10-Yr Bond

    4.6000
    -0.0230 (-0.50%)
     

  • NASDAQ

    15,696.40
    +245.09 (+1.59%)
     

  • VOLATILITY

    15.80
    -1.14 (-6.73%)
     

  • FTSE

    8,044.81
    +20.94 (+0.26%)
     

  • NIKKEI 225

    37,552.16
    +113.55 (+0.30%)
     

  • CAD/EUR

    0.6836
    -0.0014 (-0.20%)
     
MARKETS LIVE BLOG:

STOCKS EXTEND GAINS AS RESULTS SEASON KICKS INTO HIGH GEAR

Tech-focused investors prepare for fresh wave of earnings highlighted by struggling Tesla

Strength Seen in Range Resources (RRC): Can Its 8.6% Jump Turn into More Strength?

Zacks Equity Research
·2 min read

Range Resources (RRC) shares ended the last trading session 8.6% higher at $22.42. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.7% gain over the past four weeks.

Range Resources has seen a three-consecutive-day stretch of price increase on increased optimism over the accelerated recovery in the energy sector following the massive improvement in gas prices. With forecasts for colder weather ahead, the price of natural gas price increased significantly. Being a leading independent natural gas producer in the United States, the company is well positioned to capitalize on the rapidly improving gas price.

This independent oil and gas company is expected to post quarterly earnings of $1.02 per share in its upcoming report, which represents a year-over-year change of +5000%. Revenues are expected to be $971.58 million, up 62.2% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

ADVERTISEMENT

For Range Resources, the consensus EPS estimate for the quarter has been revised 2.2% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on RRC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Range Resources Corporation (RRC) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research