Range Resources Hits 52-Week High

Shares of independent oil and gas company Range Resources (NYSE: RRC) are very active again on Friday. The stock has been moving higher throughout the session and was up 4.09% to $71.17, a new 52-week high, at last check. Range Resources has been the subject of numerous and persistent takeout rumors ever since BHP Billiton (NYSE: BHP) bought out Petrohawk Energy at a 60% premium earlier this year. Yesterday, a rumor that Royal Dutch Shell (NYSE:RDS.A) will acquire Range Resources made the rounds. The company has some very valuable natural gas assets in the Marcellus shale, and there is likely some veracity to these rumors. The stock has been extremely volatile as a result of the continued speculation and traded as low as $55.72 on October 3. While the chart looks extended, and it is nearly impossible to time a potential takeout, this is a name that traders should keep an eye on if it were to pullback.