Canoe Financial LP Acquires 639,200 Shares of Range Resources Corporation $RRC

Canoe Financial LP grew its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 19.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,953,091 shares of the oil and gas exploration company's stock after acquiring an additional 639,200 shares during the quarter. Range Resources comprises 1.8% of Canoe Financial LP's investment portfolio, making the stock its 24th largest position. Canoe Financial LP owned about 1.69% of Range Resources worth $148,403,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Range Resources in the second quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. bought a new stake in Range Resources during the second quarter valued at approximately $31,000. Ameritas Advisory Services LLC bought a new stake in Range Resources during the second quarter valued at approximately $44,000. Root Financial Partners LLC lifted its position in Range Resources by 37.8% during the first quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company's stock valued at $45,000 after purchasing an additional 276 shares during the last quarter. Finally, Trust Co. of Vermont purchased a new position in Range Resources in the 2nd quarter worth approximately $45,000. Hedge funds and other institutional investors own 98.93% of the company's stock.

Range Resources Stock Performance

Shares of NYSE RRC opened at $42.90 on Thursday. The stock has a market cap of $10.02 billion, a price-to-earnings ratio of 11.85 and a beta of 0.71. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18. Range Resources Corporation has a 1-year low of $32.68 and a 1-year high of $48.31. The stock's 50-day moving average is $40.57 and its 200 day moving average is $39.97.

Range Resources (NYSE:RRC - Get Free Report) last released its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%. The company had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.78 million. During the same quarter in the previous year, the company posted $0.66 EPS. Range Resources's quarterly revenue was down 2.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Range Resources Corporation will post 3.78 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. Range Resources's dividend payout ratio (DPR) is 11.05%.

Insider Buying and Selling at Range Resources

In other news, Director Reginal Spiller sold 3,500 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the sale, the director directly owned 13,421 shares in the company, valued at approximately $536,840. The trade was a 20.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

RRC has been the subject of a number of research reports. Wells Fargo & Company cut their price target on shares of Range Resources from $46.00 to $45.00 and set an "equal weight" rating for the company in a research note on Thursday, July 23rd. Stifel Nicolaus began coverage on shares of Range Resources in a research report on Thursday, September 10th. They set a "hold" rating and a $46.00 price objective on the stock. Citigroup reaffirmed a "neutral" rating on shares of Range Resources in a report on Thursday, July 23rd. BMO Capital Markets reiterated a "market perform" rating on shares of Range Resources in a research report on Monday, October 5th. Finally, Zacks Research upgraded shares of Range Resources from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Range Resources has an average rating of "Hold" and an average target price of $44.06.

Range Resources Company Profile

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company's activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.

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