Range Resources Corp. (NYSE:RRC) call-option trades surged to an almost seven-month high before the natural gas producer with assets in the U.S. Southwest and Appalachia reports earnings next week.
More than 28,000 calls to buy the stock traded today (Friday), almost 10 times the four-week average and eight times the number of puts to sell. The most-traded contracts were the June $70 calls, which accounted for more than one-third of all call volume. Fort Worth, Texas-based Range Resources gained 4.2 percent to $54.28, the highest price since October 2009.
Range Resources advanced 6.4 percent in the past year, compared with a 38 percent increase for a gauge of energy companies in the Standard & Poor’s 500 Index. Analysts forecast it will report fourth-quarter profit of 13 cents a share excluding some items, according to the average of 33 estimates from a Bloomberg survey. The company is scheduled to report earnings on Feb. 28. Range Resources beat third-quarter estimates by 32 percent in October.
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