16 days have passed by since the last earnings report for Range Resources Corporation (NYSE:RRC) and the new quarterly results look set to arrive in 116 days. The shares of RRC at the moment are trading at a volume of 8.94 million, which compares with its normal daily standard volume of 13.26 million shares. This has led to the shares of the company declining by -0.66%, currently exchanging hands at $4.51 a share. RRC stock has been up by $13.85 (-75.44%) ever since it reached its 52-week high of $18.36 back in November 13, 2018. It has progressed above its 50-day moving average of $3.9881 and is up 11.91% over the past week. The stock has added 18.2% since the last one arrived so the question here is that will the upbeat trend in that time frame continue leading up to its next earnings release, or is the RRC share price due for a correction?
Range Resources Corporation (RRC) Forecasts And Latest Quarter Earnings
Ahead of their fiscal fourth-quarter to be released on Tuesday, Mar 03, 2020, 24 analysts who are covering the company are estimating that it will record a profit of $0.02 per share, with analysts having different outlooks from -$0.26 to $0.12. The current agreed outlook, when compared to the profit recorded last year, is at $0.21 a share, thus a decrease of -90.48% is expected. The profit view for a complete financial year for Range Resources Corporation is expected to be around $0.32 in current year, a growth of nearly -71.68% from last year which was $1.13.
Let’s now look at their sales section, RRC’s revenue is estimated to be $756.63M, a figure which is less than the $756.63M recorded for Q4 last year. Their sequential sales though are expected to move versus Q3’s $547.77B. Their full-year outlook is pegged at $2.5B, implying that there would be a drop of -12.28% over the $2.85B they recorded last year in revenue. Range Resources Corporation is projected to get sales cut by -2.4% in the next quarter, with a revenue target of $2.44B.
Analyzing The Earnings History Of Range Resources Corporation (NYSE:RRC)
In the past few years, the RRC stock has been known to miss the Wall Street’s earnings projection. The company missed 8% of the time, according to the data pulled on their earnings, was able to meet predictions on 1 occasions and topped expectations 10 times. Looking at the past trend, the price of Range Resources Corporation shares had sank following the release of their earnings in 21 of the last 39 quarters.
Looking back, here is how Range Resources Corporation (RRC) stock reacted to earnings misses and beats. It gave investors reason to be bearish with the price going down after 3 of the last four earnings reports. The shares of Range Resources Corporation recorded -0.78%, 0.78%, -1.53% and -3.72%, respectively, on the first day of past earnings releases. After a week of earnings reports, the changes were 5.21%, 0.39%, -4.48% and 1.09%. Their post-earnings price movements have resulted in an average decrease of -1.31% and an average increase of 0.55% in Range Resources Corporation on next day and 7th day, sequentially. RRC’s one month stock performance led to its shares rising by 35.44% with a return of -74.07% witnessed over the last 52 weeks.
The lower number of analysts has assigned a buy or better ratings (9) on the Range Resources Corporation stock, while 16 of them have a rating of a Hold with the 11-year target price suggested by the analysts standing at $5.71. This price target implies potential upside of 26.61 percent over the next 12 months based on the current share price.
Range Resources Corporation (RRC) Post Earnings Announcement Drift (PEAD)
Back on October 23, 2019, Range Resources Corporation (NYSE:RRC) released its Q3 results, in which it recorded a loss of -$7.00 that exceeded consensus estimates of -$0.1. After the earnings were reported, the price of RRC stock kicked off the session at $3.49 and remained in a range of $3.95 to $3.96 on the first day. The shares were priced at $3.81 at the close with a total volume of shares being 18467220.
On July 25, 2019, the Q2 earnings report was disclosed with EPS of $0.02. This was above the estimation of $0.01 per share. The stock price range of RRC was between $5.23 and $5.33 on the first-day post announcement, after opening the day at $4.92. The session came to close at $5.17 and there was a total volume of 15529644 shares.
April 22, 2019 was the day when its Q1 results were unveiled. The earnings came in at $0.36, beating the projected $0.24 per share. The very next day, RRC stock opened at $9.63 while staying in a range of $10.01 to $10.49. At the end, it moved to $9.68 a total volume of shares been 17216430.
In the year-ago Q4 earnings on February 25, 2019, the company saw profit per share of $0.21. That was better than the $0.13 analysts had expected. Range Resources Corporation share price started at $10.35 on the first full trading day post-earning and then exchanged hands between $11.21 and $11.65 throughout the session. The closing price of $10.6 came on the back of 14883415 shares in volume.