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 10.38% per annum.
- RRC price at the close of July 25, 2024 was $31.58 and was inside the primary price channel.
- The secondary trend is increasing.
- The growth rate of the secondary trend is 27.24% per annum.
- RRC price at the close of July 25, 2024 was lower than the bottom border of the secondary price channel by $0.21 (0.65%). This indicates a possible reversal in the secondary trend direction.
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: July 25, 2024
a = 3.0119
b = 0.0003
s = 0.1061
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × 0.0003) – 1
= 10.38%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.1061) – 1
= 52.86%
February 24, 2022 calculations
Top border of price channel:
Exp(Y651)
= Exp(a + b × X651 + 2 × s)
= Exp(a + b × 944 + 2 × s)
= Exp(3.0119 + 0.0003 × 944 + 2 × 0.1061)
= Exp(3.4796)
= $32.45
Bottom border of price channel:
Exp(Y651)
= Exp(a + b × X651 – 2 × s)
= Exp(a + b × 944 – 2 × s)
= Exp(3.0119 + 0.0003 × 944 – 2 × 0.1061)
= Exp(3.0552)
= $21.23
July 25, 2024 calculations
Top border of price channel:
Exp(Y1,257)
= Exp(a + b × X1,257 + 2 × s)
= Exp(a + b × 1,826 + 2 × s)
= Exp(3.0119 + 0.0003 × 1,826 + 2 × 0.1061)
= Exp(3.7183)
= $41.19
Bottom border of price channel:
Exp(Y1,257)
= Exp(a + b × X1,257 – 2 × s)
= Exp(a + b × 1,826 – 2 × s)
= Exp(3.0119 + 0.0003 × 1,826 – 2 × 0.1061)
= Exp(3.2939)
= $26.95
Description
- The primary trend is increasing.
- The growth rate of the primary trend is 10.38% per annum.
- RRC price at the close of July 25, 2024 was $31.58 and was inside the primary price channel.
Secondary Trend
Start date: December 5, 2022
End date: July 25, 2024
a = 2.3930
b = 0.0007
s = 0.0696
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × 0.0007) – 1
= 27.24%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.0696) – 1
= 32.09%
December 5, 2022 calculations
Top border of price channel:
Exp(Y847)
= Exp(a + b × X847 + 2 × s)
= Exp(a + b × 1,228 + 2 × s)
= Exp(2.3930 + 0.0007 × 1,228 + 2 × 0.0696)
= Exp(3.3427)
= $28.30
Bottom border of price channel:
Exp(Y847)
= Exp(a + b × X847 – 2 × s)
= Exp(a + b × 1,228 – 2 × s)
= Exp(2.3930 + 0.0007 × 1,228 – 2 × 0.0696)
= Exp(3.0644)
= $21.42
July 25, 2024 calculations
Top border of price channel:
Exp(Y1,257)
= Exp(a + b × X1,257 + 2 × s)
= Exp(a + b × 1,826 + 2 × s)
= Exp(2.3930 + 0.0007 × 1,826 + 2 × 0.0696)
= Exp(3.7374)
= $41.99
Bottom border of price channel:
Exp(Y1,257)
= Exp(a + b × X1,257 – 2 × s)
= Exp(a + b × 1,826 – 2 × s)
= Exp(2.3930 + 0.0007 × 1,826 – 2 × 0.0696)
= Exp(3.4591)
= $31.79
Description
- The secondary trend is increasing.
- The growth rate of the secondary trend is 27.24% per annum.
- RRC price at the close of July 25, 2024 was lower than the bottom border of the secondary price channel by $0.21 (0.65%). This indicates a possible reversal in the secondary trend direction.