Canoe Financial LP Acquires 717,000 Shares of Range Resources Corporation $RRC

Canoe Financial LP lifted its stake in shares of Range Resources Corporation (NYSE:RRC) by 45.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,290,309 shares of the oil and gas exploration company’s stock after buying an additional 717,000 shares during the quarter. Canoe Financial LP owned about 0.97% of Range Resources worth $103,476,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in Range Resources by 1.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock worth $975,311,000 after purchasing an additional 326,748 shares during the period. Vanguard Group Inc. raised its holdings in shares of Range Resources by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock valued at $901,021,000 after purchasing an additional 701,751 shares during the period. Boston Partners raised its holdings in shares of Range Resources by 14.0% during the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after purchasing an additional 1,650,258 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Range Resources by 8.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company’s stock worth $316,123,000 after purchasing an additional 673,827 shares in the last quarter. Finally, Kopernik Global Investors LLC boosted its position in shares of Range Resources by 18.5% during the 4th quarter. Kopernik Global Investors LLC now owns 5,238,903 shares of the oil and gas exploration company’s stock worth $184,724,000 after purchasing an additional 818,295 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on RRC shares. Morgan Stanley boosted their target price on Range Resources from $49.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, May 22nd. Piper Sandler increased their price target on Range Resources from $41.00 to $42.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Citigroup reduced their price objective on Range Resources from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. Stephens set a $53.00 target price on Range Resources in a research report on Tuesday, June 23rd. Finally, Weiss Ratings cut Range Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Range Resources currently has an average rating of “Hold” and a consensus price target of $43.94.

Insider Buying and Selling at Range Resources

In other news, Director Brenda A. Cline sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total value of $310,800.00. Following the transaction, the director owned 28,668 shares in the company, valued at $1,272,859.20. This trade represents a 19.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Range Resources Trading Down 0.5%

NYSE:RRC opened at $37.37 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.55 and a quick ratio of 0.55. Range Resources Corporation has a one year low of $32.60 and a one year high of $48.31. The company has a market cap of $8.81 billion, a PE ratio of 9.89 and a beta of 0.42. The firm has a 50-day moving average of $40.17 and a 200-day moving average of $39.23.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.27. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $898.20 million. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The firm’s revenue for the quarter was up 49.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 EPS. As a group, equities research analysts expect that Range Resources Corporation will post 3.71 EPS for the current fiscal year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, June 12th. Range Resources’s dividend payout ratio (DPR) is currently 10.58%.

About Range Resources

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.