Upgrade Alert for Range Resources (RRC)
Range Resources (NYSE:RRC) was upgraded from Market Perform to Outperform at Raymond James today. The stock closed yesterday at $39.28 on volume of 11.8 million shares, above average daily volume of 4.6 million.
Range Resources share prices have moved between a 52-week high of $65.53 and a 52-week low of $19.21 and closed yesterday at 104% above that low price at $39.28 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 4.6% while the 200-day MA has remained constant.
Range Resources Corporation is an independent oil and gas company that explore, develops, and acquires oil and gas properties. The Company conducts operations primarily in the Southwestern, Appalachian and Gulf Coast regions of the United States.
Range Resources has overhead space with shares priced $39.28, or 17.8% below the average consensus analyst price target of $47.81. The stock should find initial support at its 50-day moving average (MA) of $34.22 and further support at its 200-day MA of $32.01.
SmarTrend recommended that subscribers consider buying shares of Range Resources on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.92. Since that recommendation, shares of Range Resources have risen 40.0%. We continue to monitor RRC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades range resources