Long Position on ROCC @ $35.50 on 4/4/2022 (Fundamentals)

Ranger Oil Corporation (ROCC), an independent oil and gas company, engages in the onshore exploration, development, and production of crude oil, natural gas liquids, and natural gas in the United States. 

It primarily operates wells in the Eagle Ford Shale field in South Texas. As of December 31, 2020, it had total proved reserves of approximately 126 million barrels of oil equivalent; and 532 gross productive wells, as well as owned approximately 98,300 gross acres of leasehold and royalty interests.

The company was formerly known as Penn Virginia Corporation and changed its name to Ranger Oil Corporation in October 2021.

On March 2nd, Ranger Oil  reported Quarter December 2021 earnings of $2.53 per share on revenue of $225.2 million. The consensus earnings estimate was $1.74 per share on revenue of $191.1 million.

With the rise in inflation, commodities prices and resources, such as oil, this stock should increase in prices.

Entry Point: $35.50

Stop loss: $33.00

Trading Range: $11.81 to $42.66

Target Price: $39.00

Position closed on 4/14/2022 at price of $39.01 with a 9.89% gain in 10 days.

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