Canoe Financial LP Acquires 1,422,200 Shares of Range Resources Co. (NYSE:RRC)

Canoe Financial LP lifted its holdings in Range Resources Co. (NYSE:RRC) by 114.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,660,309 shares of the oil and gas exploration company’s stock after acquiring an additional 1,422,200 shares during the period. Range Resources accounts for about 2.0% of Canoe Financial LP’s portfolio, making the stock its 19th biggest holding. Canoe Financial LP owned approximately 1.10% of Range Resources worth $81,299,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in RRC. Price T Rowe Associates Inc. MD boosted its stake in shares of Range Resources by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock worth $985,855,000 after acquiring an additional 5,759,883 shares during the period. William Blair Investment Management LLC bought a new position in shares of Range Resources in the second quarter worth about $78,223,000. Vanguard Group Inc. boosted its stake in Range Resources by 4.1% during the first quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after buying an additional 959,011 shares during the last quarter. Herr Investment Group LLC boosted its stake in Range Resources by 4,594.4% during the first quarter. Herr Investment Group LLC now owns 497,611 shares of the oil and gas exploration company’s stock valued at $17,133,000 after buying an additional 487,011 shares during the last quarter. Finally, Sagefield Capital LP boosted its stake in Range Resources by 44.8% during the second quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock valued at $30,408,000 after buying an additional 280,452 shares during the last quarter. Institutional investors own 98.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. UBS Group dropped their price target on Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research note on Wednesday, September 18th. Mizuho dropped their price target on Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Stephens increased their price target on Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Susquehanna dropped their price target on Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Benchmark reissued a “hold” rating on shares of Range Resources in a research note on Wednesday, October 23rd. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $35.06.

Insider Buying and Selling

In other news, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now directly owns 9,670 shares in the company, valued at $304,121.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.57% of the stock is currently owned by insiders.

Range Resources Trading Down 0.3 %

Shares of NYSE RRC opened at $31.33 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The business’s 50 day moving average price is $30.25 and its 200-day moving average price is $32.99. Range Resources Co. has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The company has a market cap of $7.58 billion, a price-to-earnings ratio of 15.82 and a beta of 1.80.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. The business had revenue of $615.03 million for the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a return on equity of 13.73% and a net margin of 17.63%. The business’s revenue was up .9% compared to the same quarter last year. During the same period last year, the business posted $0.43 EPS. On average, sell-side analysts expect that Range Resources Co. will post 1.89 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.08 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 1.02%. Range Resources’s payout ratio is 16.16%.

Range Resources Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.