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How Has Range Resources’ Stock Performed in 2016?

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Dec. 4 2020, Updated 10:51 a.m. ET

Range Resources’ stock price action

Declining crude oil and natural gas prices over the last two years are dragging the entire upstream industry down. But since February 2016, as seen in the below chart, Range Resources’ (RRC) stock price is making a pattern of higher lows and higher highs for the first time in almost two years.

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Range Resources’ stock price performance before 1Q16 earnings

Recently, RRC has shown excellent relative strength when compared with other natural gas producers. In the last two months, RRC’s stock price has increased by ~68%. In comparison, the ISE-Revere Nat Gas Index Fund (FCG) is up ~47% in the same period.

In 2016, RRC has been outperforming bigger upstream companies from the S&P 500 (SPY). In 2016, RRC is up by ~51%, whereas Occidental Petroleum (OXY), Noble Energy (NBL), and EOG Resources (EOG) are up by ~11%, ~7%, and ~12%, respectively.

Range Resources’ stock price behavior after past earnings

RRC reported its 4Q15 earnings after the market closed on February 25, 2016. In 4Q15, excluding the one-time items, RRC reported a profit of $0.25 per share, $0.16 better than the consensus estimates of $0.09 per share. Following the better-than-expected earnings release, RRC’s stock price rose by ~45% in seven sessions.

In 3Q15, excluding the one-time items, RRC reported a profit of $0.03 per share, $0.08 better than the consensus for a loss of $0.05 per share. Following the earnings release, better-than-expected earnings saw RRC’s stock price increase by ~23% in six sessions.

A similar positive reaction was observed after 1Q15 and 4Q14 earnings, when RRC’s stock price increased by ~4% and ~5% in one and three sessions, respectively, after beating the consensus earnings estimates.

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