The stock of Range Resources Corporation (NYSE:RRC) is now priced at $7.79 and the shares are -0.1 points down or -1.27% lower compared to its previous closing price of $7.89. The stock had 3.376 million contracts set over the past session. RRC shares’ daily volume is compared to its average trading volume at 7.997 million shares. However, it has a float of 230 million and although its performance was -2.26% over the week, it’s one to watch. Analysts have given the RRC stock a yearly average price target of $7.4 per share. It means the stock’s downside potential is -5.01% with the RRC share price recently placing at $7.66 to $8.01. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are running away from the Range Resources Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the RRC shares have declined. Short interest in the stock represents just 18.71% of its float, but the volume has dropped by 0.
In the last trading session, Range Resources Corporation (NYSE:RRC) dropped by -$0.18 over the week and gained $1.33 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $9.37. The stock recorded its established 52-week high on 08/18/20.
Since 03/12/20, the stock has traded to a low of $1.61 at 383.85%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.86. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Range Resources Corporation’s two-week RSI is 51.87. This suggests that the stock is neutral at the moment and that RRC shares’ price movement remains stable. The stochastic readings are equally revealing at 10.06% meaning the RRC share price is currently in overbought territory.
The technical chart shows that the RRC stock will likely settle at between $7.98 and $8.17 per share. However, if the stock dips below $7.63, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $7.47.
Currently, the stock is trading in the red of MACD, with a reading of -0.41. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Wolfe Research raised their recommendation for RRC from Peer Perform to Outperform in August 12 review. Credit Suisse analysts see the stock as a Underperform with a target price of $4 in a flash note released to investors on August 05 resuming covering the stock. Mizuho analysts see the stock as Neutral when the analysts initiated the share price coverage on July 23.
The average rating for the RRC equity is 3.21 and is currently gathering a bearish momentum. Of 24 analysts tracking Range Resources Corporation polled by Reuters, 16 rated RRC as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 6 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the RRC stock price is 11.79X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Range Resources Corporation (NYSE:RRC) will decrease by about -99.87%, which will see them reach $499 million. The company’s full-year revenues are, however, expected to diminish by about -11.06%, down from $2260 million to $2010 million. RRC’s expected adjusted earnings should drop almost -57.14% to end up at -$0.03 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -105% to record -$0.02/share.