Shares of Range Resources Corp (RRC.N) jumped on Wednesday on persistent takeover speculation surrounding the U.S. exploration and production company. Range is regularly among E&P companies mentioned by analysts as potential takeover targets, given its extensive shale holdings and limited financial flexibility with natural gas prices so low. It has a market valuation of more than $10 billion. According to media reports on Monday, the chief executive officer of Range said it had been approached by non-U.S. suitors. Then on Wednesday, the Wall Street Journal reported that Royal Dutch Shell Plc (RDSa.L) had not formally approached Range and that the two companies were not in formal talks, despite speculation about it.
Range Resources Corporation is an independent natural gas and oil company. Shares of RRC traded higher by 7.68% or $4.981/share to $69.87. In the past year, the shares have traded as low as $34.76 and as high as $70.45. On average, 2782140 shares of RRC exchange hands on a given day and today's volume is recorded at 13484176.
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