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Ranger Oil (ROCC) Soars 7.5%: Is Further Upside Left in the Stock?

Ranger Oil (ROCC) shares ended the last trading session 7.5% higher at $30.69. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 25% loss over the past four weeks.

Shares of Ranger Oil went up for the second straight day. The rally on the last trading day, however, could be attributed to the company announcing an increase in its borrowing base under its revolving credit facility to $950 million, indicating its ongoing growth in producing reserves, while at the same time decreasing leverage. Moreover, consistently high energy price has contributed to the strength of this Houston, Texas-based independent oil and gas company engaged in the exploration, development, and production of oil, NGLs, and natural gas.

This company is expected to post quarterly earnings of $3.34 per share in its upcoming report, which represents a year-over-year change of +190.4%. Revenues are expected to be $279.65 million, up 98.3% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Ranger Oil, the consensus EPS estimate for the quarter has been revised 2.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ROCC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Ranger Oil is part of the Zacks Oil and Gas - Exploration and Production - United States industry. CNX Resources Corporation. (CNX), another stock in the same industry, closed the last trading session 4.6% higher at $15.87. CNX has returned -10.5% in the past month.

For CNX Resources Corporation., the consensus EPS estimate for the upcoming report has changed +7.8% over the past month to $0.79. This represents a change of +6.8% from what the company reported a year ago. CNX Resources Corporation. currently has a Zacks Rank of #3 (Hold).


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Ranger Oil Corporation (ROCC): Free Stock Analysis Report
 
CNX Resources Corporation. (CNX): Free Stock Analysis Report
 
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