Range Resources Corp (RRC.N) shares jumped on Wednesday on speculation about a takeover of the U.S. exploration and production company, even if there are doubts among analysts about the likelihood of such a deal. Range is regularly among E&P companies mentioned 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. Media reports this week had Chief Executive John Pinkerton talking of approaches by non-U.S. suitors. Then on Wednesday, the Wall Street Journal reported Royal Dutch Shell Plc (RDSa.L) had not formally approached Range and that the two companies were not in formal talks, despite speculation. Range shares were 6 percent higher at $68.92 in late afternoon trading, having touched a record high of $77.24 earlier. The stock has now gained 91 percent in the past year.
Range Resources Corporation is an independent natural gas and oil company. Shares of RRC traded higher by 5.92% or $3.84/share to $68.73. 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 15566647.
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