Canoe Financial LP Sells 654,400 Shares of Range Resources Corporation $RRC

Canoe Financial LP lessened its position in shares of Range Resources Corporation (NYSE:RRC) by 32.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,391,309 shares of the oil and gas exploration company’s stock after selling 654,400 shares during the quarter. Canoe Financial LP’s holdings in Range Resources were worth $52,369,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Range Resources by 4.7% during the 2nd quarter. GAMMA Investing LLC now owns 6,013 shares of the oil and gas exploration company’s stock valued at $245,000 after purchasing an additional 270 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Range Resources by 0.4% during the second quarter. Public Employees Retirement System of Ohio now owns 73,294 shares of the oil and gas exploration company’s stock worth $2,981,000 after buying an additional 299 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Range Resources by 3.1% in the second quarter. ProShare Advisors LLC now owns 10,596 shares of the oil and gas exploration company’s stock valued at $431,000 after buying an additional 315 shares during the period. Evergreen Capital Management LLC boosted its stake in Range Resources by 4.8% in the first quarter. Evergreen Capital Management LLC now owns 7,716 shares of the oil and gas exploration company’s stock valued at $308,000 after acquiring an additional 351 shares during the last quarter. Finally, Oliver Luxxe Assets LLC grew its holdings in Range Resources by 1.1% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 37,838 shares of the oil and gas exploration company’s stock worth $1,539,000 after acquiring an additional 406 shares during the period. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Barclays raised Range Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 18th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $39.00 target price (down previously from $44.00) on shares of Range Resources in a research note on Monday, December 8th. Wells Fargo & Company upgraded Range Resources to a “strong-buy” rating in a report on Thursday, October 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Range Resources in a research note on Monday. Finally, Mizuho increased their price target on shares of Range Resources from $46.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Range Resources has a consensus rating of “Hold” and an average target price of $42.05.

Range Resources Price Performance

NYSE RRC opened at $35.25 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market cap of $8.35 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 0.27 and a beta of 0.47. The business has a 50 day simple moving average of $37.20 and a 200 day simple moving average of $37.02. Range Resources Corporation has a 52-week low of $30.32 and a 52-week high of $43.50.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.03. Range Resources had a net margin of 19.64% and a return on equity of 15.99%. The company had revenue of $655.30 million during the quarter, compared to analysts’ expectations of $721.22 million. During the same quarter in the prior year, the company earned $0.48 earnings per share. The business’s quarterly revenue was up 21.7% compared to the same quarter last year. Analysts anticipate that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 12th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.36 dividend on an annualized basis and a yield of 1.0%. Range Resources’s dividend payout ratio is presently 15.13%.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.