Range Resources Corp. (NYSE: RRC) shares rose in value Thursday Dec 15 with lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Analysts at Howard Weil upgraded shares of Range Resources Corp. (NYSE: RRC) from Sector Perform to Outperform today. With a rating of Outperform on the shares, Range Resources Corp. has a 52-week high of $46.96. A number of other analysts have issued reports on the company in recent days, and the company has secured a consensus one-year price target of $47.40, above the opening price of $34.56, a difference of 13.50 percent. Usually, after analysts give an upgrade report on a stock, they will later issue sporadic revisions, such as a price target change.
Shares of Range Resources Corp. (NYSE: RRC) opened at $34.56 on Tuesday trading between $34.06 and $35.13, and last traded at $35.11, which is an increase of $0.26 or 0.75% over the previous closing price.
Range Resources Corp. (NYSE: RRC) currently has a market cap of 8.56B.
Range Resources Corp. (NYSE: RRC) Average Daily Trading Volume
The stock’s average daily volume is 4,792,470 shares out of a total float 241,788,000 and some 752,355 shares crossed the trading desk yesterday, lower than the average. Investors often use swings in trading volume to identify large volume accumulation or circulation by institutional investors, so look for trading volume to pick up in the coming days.
While increased trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks expresses a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain substantial teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are researching.
Range Resources Corp. (NYSE: RRC) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By following the activity of these professional investors—and the moving averages they influence— traders are able to make make educated trades.
Trades for Range Resources Corp. (NYSE: RRC) have ranged from $19.21 – 46.96, and the stock now has a 50-day MA of $35.05 and 200-day MA of $39.42. Today’s last price is 25.23%% under the 52 week high of $46.96.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors identify companies that have raised their earnings at least 25% or more for 3 consecutive years.
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