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 filing with the Securities and Exchange Commission. The institutional investor 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 owned approximately 0.58% of Range Resources worth $52,369,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Hantz Financial Services Inc. boosted its stake in Range Resources by 1,464.6% during the second quarter. Hantz Financial Services Inc. now owns 751 shares of the oil and gas exploration company’s stock worth $31,000 after buying an additional 703 shares in the last quarter. Barrett & Company Inc. acquired a new position in shares of Range Resources in the 2nd quarter valued at $41,000. Allworth Financial LP lifted its holdings in shares of Range Resources by 196.5% during the 2nd quarter. Allworth Financial LP now owns 1,103 shares of the oil and gas exploration company’s stock worth $45,000 after acquiring an additional 731 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Range Resources during the 2nd quarter valued at about $45,000. Finally, Ameritas Advisory Services LLC bought a new stake in Range Resources in the second quarter valued at about $47,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RRC has been the subject of a number of analyst reports. Piper Sandler cut their price target on shares of Range Resources from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Tuesday, November 18th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $39.00 target price (down from $44.00) on shares of Range Resources in a report on Monday, December 8th. Citigroup decreased their price target on Range Resources from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 23rd. Morgan Stanley dropped their price objective on Range Resources from $44.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 14th. Finally, Mizuho lifted their price objective on Range Resources from $46.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $42.05.

Range Resources Price Performance

Shares of RRC stock opened at $35.25 on Friday. Range Resources Corporation has a 52 week low of $30.32 and a 52 week high of $43.50. The stock has a market capitalization of $8.35 billion, a PE ratio of 14.81, a PEG ratio of 0.27 and a beta of 0.47. 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’s fifty day moving average is $37.20 and its 200-day moving average is $37.02.

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

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 12th will be issued 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 dividend yield of 1.0%. Range Resources’s dividend payout ratio (DPR) is currently 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.