Analysts at Morgan Stanley initiated coverage on Range Resources Corp. (NYSE: RRC) stock, starting the company at Equal Weight.Morgan Stanley currently has a rating of Equal Weight on the shares. A number of other analysts have issued reports on the stock recently, and the company has secured a consensus one-year price target of $48.88, higher than 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 on Monday closed mostly flat, after trading firmly higher, in a volatile session ahead of the start of a pair of closely watched central-bank policy meetings.
The Dow Jones Industrial Average DJIA, -0.02% closed down 3.63 points at 18,120.17.
The blue-chip index had been up by as much as 131 points earlier and traded within a 162-point range.
The S&P 500 SPX, +0.00% slipped 0.04 points to close at 2,139.12, after trading within an 18-point range
Meanwhile, the Nasdaq Composite Index COMP, -0.18% declined 9.54 points, or 0.2%, to close at 5,235.03.
Earlier, the index had been up by as many as 37 points and traded with a 58-point range
Yesterday Range Resources Corp. (NYSE: RRC) shares last traded at $37.28, an increase of $0.13 compared to the previous closing price. Opening at $37.53, they fluctuated from $36.75 and $37.53 throughout the day.
Range Resources Corp. (NYSE: RRC) currently has a market cap of 6.21B.
1,449,606 shares crossed the trading desk yesterday, 51 percent lower than the average, out of a total float 155,355,000. Swing traders often use upticks in trading volume to pinpoint substantial volume aggregation or circulation by institutional investors, so look for trading volume to pick up in the coming days.
As with all possible breakouts, investors look for volume to be at least 40%-50% greater than normal on the breakout to indicate that fund managers and other professional investors are jumping in.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have substantial teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you are considering.
Traders can make educated trades when they track the activity of professional investors.
With that in mind, Range Resources Corp. (NYSE: RRC) now has a 50-day MA of $39.91 and 200-day MA of $39.67. It has traded in a 52-week range between $19.21 – 46.96 and today’s last price is 0.21% lower than 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 for 3 consecutive years.
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