Canoe Financial LP Trims Stock Position in Range Resources Corporation $RRC

Key Points

• Canoe Financial LP reduced its stake in Range Resources Corporation by 14.9%, selling 359,300 shares, leaving them with approximately 2,045,709 shares valued at $83.2 million.
• Range Resources reported earnings of $0.66 per share for the last quarter, exceeding analysts' expectations, and had a net revenue of $856.28 million.
• The company declared a quarterly dividend of $0.09, translating to an annual yield of 1.0%, with a payout ratio of 18.09%.

Canoe Financial LP trimmed its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 14.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,045,709 shares of the oil and gas exploration company's stock after selling 359,300 shares during the period. Canoe Financial LP owned 0.86% of Range Resources worth $83,199,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Bessemer Group Inc. lifted its holdings in Range Resources by 48.0% during the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after purchasing an additional 315 shares in the last quarter. Xponance Inc. lifted its stake in shares of Range Resources by 1.2% in the first quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company's stock worth $1,099,000 after buying an additional 326 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Range Resources by 0.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,014 shares of the oil and gas exploration company's stock worth $2,636,000 after buying an additional 328 shares in the last quarter. Evergreen Capital Management LLC lifted its stake in shares of 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 worth $308,000 after buying an additional 351 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of Range Resources by 20.6% in the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock worth $83,000 after buying an additional 355 shares in the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Stock Down 2.4%

Shares of RRC stock traded down $0.86 during trading on Friday, reaching $34.43. The company's stock had a trading volume of 5,784,170 shares, compared to its average volume of 2,767,923. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The company has a market capitalization of $8.20 billion, a price-to-earnings ratio of 17.30, a P/E/G ratio of 0.29 and a beta of 0.55. The stock's 50-day moving average price is $35.10 and its 200 day moving average price is $36.91. Range Resources Corporation has a 1-year low of $28.99 and a 1-year high of $43.50.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.01. The firm had revenue of $856.28 million during the quarter, compared to analysts' expectations of $708.38 million. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. During the same quarter in the previous year, the business posted $0.46 earnings per share. On average, research analysts anticipate that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a $0.09 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. Range Resources's payout ratio is 18.09%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RRC shares. UBS Group decreased their price target on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 20th. Roth Capital cut shares of Range Resources from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $44.00 to $35.00 in a research report on Monday, August 18th. Raymond James Financial cut their price objective on shares of Range Resources from $45.00 to $41.00 and set an "outperform" rating for the company in a research report on Friday. Susquehanna raised their price objective on shares of Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Mizuho dropped their price target on shares of Range Resources from $48.00 to $42.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $41.75.

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.