Canoe Financial LP Has $104.60 Million Position in Range Resources Co. (NYSE:RRC)

Canoe Financial LP increased its holdings in Range Resources Co. (NYSE:RRC) by 9.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,911,509 shares of the oil and gas exploration company’s stock after buying an additional 251,200 shares during the quarter. Range Resources comprises approximately 1.5% of Canoe Financial LP’s portfolio, making the stock its 25th largest holding. Canoe Financial LP’s holdings in Range Resources were worth $104,595,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Radnor Capital Management LLC raised its holdings in shares of Range Resources by 156.2% in the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock worth $1,547,000 after buying an additional 26,213 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Range Resources in the fourth quarter valued at $4,792,000. GAMMA Investing LLC raised its stake in Range Resources by 36.4% during the fourth quarter. GAMMA Investing LLC now owns 4,391 shares of the oil and gas exploration company’s stock worth $158,000 after acquiring an additional 1,172 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after acquiring an additional 463 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Range Resources by 61.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock valued at $48,588,000 after purchasing an additional 604,199 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Truist Financial increased their target price on shares of Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Piper Sandler dropped their price objective on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a report on Monday, November 18th. UBS Group raised Range Resources from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $28.00 to $35.00 in a report on Monday, December 9th. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a report on Friday. Finally, Barclays raised Range Resources from an “underweight” rating to an “equal weight” rating and reduced their price objective for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $37.16.

Insider Buying and Selling at Range Resources

In other news, Director Charles G. Griffie acquired 1,275 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The stock was purchased at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.50% of the company’s stock.

Range Resources Stock Down 0.5 %

Shares of NYSE:RRC opened at $41.09 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $9.91 billion, a price-to-earnings ratio of 20.75 and a beta of 1.81. The company has a 50 day moving average of $35.62 and a 200-day moving average of $32.59. Range Resources Co. has a one year low of $27.29 and a one year high of $41.65.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The firm had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 EPS. On average, sell-side analysts forecast that Range Resources Co. will post 2 earnings per share for the current year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were issued a $0.08 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.78%. Range Resources’s dividend payout ratio is presently 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.