Canoe Financial LP Buys 1,422,200 Shares of Range Resources Co. (NYSE:RRC)

Canoe Financial LP lifted its position in Range Resources Co. (NYSE:RRC - Free Report) by 114.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,660,309 shares of the oil and gas exploration company's stock after acquiring an additional 1,422,200 shares during the period. Range Resources comprises approximately 2.0% of Canoe Financial LP's holdings, making the stock its 19th largest position. Canoe Financial LP owned approximately 1.10% of Range Resources worth $81,299,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in RRC. Norden Group LLC boosted its position in Range Resources by 1,599.9% during the 1st quarter. Norden Group LLC now owns 149,697 shares of the oil and gas exploration company's stock worth $5,154,000 after acquiring an additional 140,891 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in shares of Range Resources by 11.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 159,729 shares of the oil and gas exploration company's stock worth $5,499,000 after purchasing an additional 16,619 shares during the period. Price T Rowe Associates Inc. MD grew its position in Range Resources by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company's stock valued at $985,855,000 after purchasing an additional 5,759,883 shares in the last quarter. TCW Group Inc. increased its stake in Range Resources by 186.5% in the 2nd quarter. TCW Group Inc. now owns 49,824 shares of the oil and gas exploration company's stock valued at $1,671,000 after buying an additional 32,433 shares during the period. Finally, Boston Partners boosted its stake in shares of Range Resources by 2.1% during the 1st quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company's stock valued at $224,912,000 after buying an additional 133,565 shares during the period. Institutional investors and hedge funds own 98.93% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RRC shares. Stephens upped their price target on shares of Range Resources from $36.00 to $37.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. Piper Sandler downgraded Range Resources from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $43.00 to $31.00 in a research note on Thursday, August 15th. Royal Bank of Canada reissued a "sector perform" rating and issued a $39.00 price target on shares of Range Resources in a research note on Thursday, July 25th. Jefferies Financial Group raised their price objective on shares of Range Resources from $34.00 to $35.00 and gave the company a "hold" rating in a research report on Monday, July 8th. Finally, Wells Fargo & Company reduced their target price on shares of Range Resources from $39.00 to $38.00 and set an "equal weight" rating for the company in a research note on Friday. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Range Resources currently has a consensus rating of "Hold" and an average target price of $35.00.

Insider Buying and Selling

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.57% of the stock is owned by company insiders.

Range Resources Stock Performance

NYSE RRC traded down $0.35 during trading on Monday, hitting $30.98. The company's stock had a trading volume of 2,092,477 shares, compared to its average volume of 2,370,843. Range Resources Co. has a 52 week low of $27.29 and a 52 week high of $39.33. The firm has a market cap of $7.52 billion, a P/E ratio of 15.68 and a beta of 1.80. The firm has a 50 day moving average price of $30.25 and a 200 day moving average price of $32.99. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.73%. The business had revenue of $615.03 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Range Resources's revenue was up .9% compared to the same quarter last year. Equities research analysts forecast that Range Resources Co. will post 1.89 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources's payout ratio is presently 16.24%.

About Range Resources

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.