Range Resources Corp (RRC)
Range Resources Corporation is an independent natural gas, natural gas liquids (NGL) and petroleum company in the United States. The company is headquartered in Fort Worth, Texas.
Stock Price Trends
Stock price trends estimated using linear regression.
Key facts
- The primary trend is increasing.
- The growth rate of the primary trend is 8.79% per annum.
- RRC price at the close of May 14, 2024 was $36.53 and was inside the primary price channel.
- The secondary trend is increasing.
- The growth rate of the secondary trend is 141.66% per annum.
- RRC price at the close of May 14, 2024 was inside the secondary price channel.
Linear Regression Model
Model equation:
Yi = α + β × Xi + εi
Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)
Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)
where:
i - observation number
Yi - natural logarithm of RRC price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e
Primary Trend
Start date: February 24, 2022
End date: May 14, 2024
a = 3.0462
b = 0.0002
s = 0.1076
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × 0.0002) – 1
= 8.79%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.1076) – 1
= 53.79%
February 24, 2022 calculations
Top border of price channel:
Exp(Y701)
= Exp(a + b × X701 + 2 × s)
= Exp(a + b × 1,016 + 2 × s)
= Exp(3.0462 + 0.0002 × 1,016 + 2 × 0.1076)
= Exp(3.4958)
= $32.98
Bottom border of price channel:
Exp(Y701)
= Exp(a + b × X701 – 2 × s)
= Exp(a + b × 1,016 – 2 × s)
= Exp(3.0462 + 0.0002 × 1,016 – 2 × 0.1076)
= Exp(3.0654)
= $21.44
May 14, 2024 calculations
Top border of price channel:
Exp(Y1,258)
= Exp(a + b × X1,258 + 2 × s)
= Exp(a + b × 1,826 + 2 × s)
= Exp(3.0462 + 0.0002 × 1,826 + 2 × 0.1076)
= Exp(3.6827)
= $39.75
Bottom border of price channel:
Exp(Y1,258)
= Exp(a + b × X1,258 – 2 × s)
= Exp(a + b × 1,826 – 2 × s)
= Exp(3.0462 + 0.0002 × 1,826 – 2 × 0.1076)
= Exp(3.2523)
= $25.85
Description
- The primary trend is increasing.
- The growth rate of the primary trend is 8.79% per annum.
- RRC price at the close of May 14, 2024 was $36.53 and was inside the primary price channel.
Secondary Trend
Start date: January 17, 2024
End date: May 14, 2024
a = -0.7832
b = 0.0024
s = 0.0313
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × 0.0024) – 1
= 141.66%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.0313) – 1
= 13.34%
January 17, 2024 calculations
Top border of price channel:
Exp(Y1,176)
= Exp(a + b × X1,176 + 2 × s)
= Exp(a + b × 1,708 + 2 × s)
= Exp(-0.7832 + 0.0024 × 1,708 + 2 × 0.0313)
= Exp(3.4084)
= $30.22
Bottom border of price channel:
Exp(Y1,176)
= Exp(a + b × X1,176 – 2 × s)
= Exp(a + b × 1,708 – 2 × s)
= Exp(-0.7832 + 0.0024 × 1,708 – 2 × 0.0313)
= Exp(3.2832)
= $26.66
May 14, 2024 calculations
Top border of price channel:
Exp(Y1,258)
= Exp(a + b × X1,258 + 2 × s)
= Exp(a + b × 1,826 + 2 × s)
= Exp(-0.7832 + 0.0024 × 1,826 + 2 × 0.0313)
= Exp(3.6937)
= $40.19
Bottom border of price channel:
Exp(Y1,258)
= Exp(a + b × X1,258 – 2 × s)
= Exp(a + b × 1,826 – 2 × s)
= Exp(-0.7832 + 0.0024 × 1,826 – 2 × 0.0313)
= Exp(3.5685)
= $35.46
Description
- The secondary trend is increasing.
- The growth rate of the secondary trend is 141.66% per annum.
- RRC price at the close of May 14, 2024 was inside the secondary price channel.