Analysts at Morgan Stanley initiated coverage on Range Resources Corp. (NYSE: RRC) stock, rating the company at Equal Weight. Morgan Stanley currently has a rating of Equal Weight on the stock. A number of other analysts have issued reports on the company in recent days, and Range Resources Corp. has secured a consensus one-year price target of $48.88, above the opening price of $37.53. Range Resources Corp. stock has a 52-week high of $46.96. Price changes targets are not unusual as analysts and brokerage firms will re periodic updates after initiating coverage,.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Shares of Range Resources Corp. (NYSE: RRC) opened at $37.53 yesterday and traded in a range between, $36.58 and $37.73, and last traded at $36.58, which is a decrease of $0.57 from the previous closing price.
Range Resources Corp. (NYSE: RRC) now has a market cap of 6.10B.
The stock’s average daily volume is 3,397,440 shares out of a total float 155,355,000 and some 7,109,460 shares crossed the trading desk yesterday, 69 percent higher than the average. Substantial gains in trading volume and price inflation together could signal heavy volume accumulation by institutional investors.
While higher trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks delivers a positive cue 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.
These instituitional investors have substantial teams of analysts researching thousands of stocks, so it is good validation to see them buying a stock you’re researching.
By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of winning 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 $39.84 and 200-day MA of $39.70. Today’s last price is 0.22% 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 seek companies that have grown their earnings at least 25% or more over 3 consecutive years.
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