Range Resources (RRC) Stock Sinks As Market Gains: What You Should Know
Range Resources (RRC) closed at $35 in the latest trading session, marking a -0.68% move from the prior day. This change lagged the S&P 500's daily gain of 1.84%. Meanwhile, the Dow gained 1.33%, and the Nasdaq, a tech-heavy index, added 0.74%.
Prior to today's trading, shares of the independent oil and gas company had gained 9.99% over the past month. This has lagged the Oils-Energy sector's gain of 14.09% and outpaced the S&P 500's loss of 0.5% in that time.
Wall Street will be looking for positivity from Range Resources as it approaches its next earnings report date. On that day, Range Resources is projected to report earnings of $1.07 per share, which would represent year-over-year growth of 345.83%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $986.04 million, up 126.82% from the year-ago period.
RRC's full-year Zacks Consensus Estimates are calling for earnings of $4.35 per share and revenue of $3.9 billion. These results would represent year-over-year changes of +115.35% and +33.04%, respectively.
Investors might also notice recent changes to analyst estimates for Range Resources. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 11.79% lower within the past month. Range Resources is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Range Resources's current valuation metrics, including its Forward P/E ratio of 8.1. For comparison, its industry has an average Forward P/E of 6.07, which means Range Resources is trading at a premium to the group.
It is also worth noting that RRC currently has a PEG ratio of 0.29. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Exploration and Production - United States industry currently had an average PEG ratio of 0.29 as of yesterday's close.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 4, which puts it in the top 2% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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