Canoe Financial LP Purchases 717,000 Shares of Range Resources Corporation $RRC

Canoe Financial LP grew its position in Range Resources Corporation (NYSE:RRC) by 45.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 2,290,309 shares of the oil and gas exploration company’s stock after purchasing an additional 717,000 shares during the period. Canoe Financial LP’s holdings in Range Resources were worth $103,476,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in RRC. Los Angeles Capital Management LLC bought a new stake in Range Resources in the 4th quarter worth about $34,000. SBI Okasan Asset Management Co.Ltd. purchased a new stake in shares of Range Resources during the fourth quarter valued at approximately $57,000. Basepoint Wealth LLC bought a new stake in Range Resources during the fourth quarter worth $61,000. International Assets Investment Management LLC purchased a new position in Range Resources in the fourth quarter worth $71,000. Finally, Clearstead Advisors LLC grew its stake in Range Resources by 439.5% in the 3rd quarter. Clearstead Advisors LLC now owns 2,104 shares of the oil and gas exploration company’s stock valued at $79,000 after purchasing an additional 1,714 shares during the period. 98.93% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Brenda A. Cline sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total transaction of $310,800.00. Following the transaction, the director directly owned 28,668 shares of the company’s stock, valued at approximately $1,272,859.20. This trade represents a 19.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.10% of the company’s stock.

Range Resources Trading Down 0.5%

Shares of RRC opened at $37.37 on Monday. The business has a 50-day moving average of $40.17 and a 200 day moving average of $39.23. Range Resources Corporation has a fifty-two week low of $32.60 and a fifty-two week high of $48.31. The firm has a market cap of $8.81 billion, a P/E ratio of 9.89 and a beta of 0.42. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.55.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.27. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $898.20 million. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The company’s quarterly revenue was up 49.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.96 earnings per share. As a group, research analysts forecast that Range Resources Corporation will post 3.71 EPS for the current year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a $0.10 dividend. The ex-dividend date was Friday, June 12th. This represents a $0.40 annualized dividend and a yield of 1.1%. Range Resources’s payout ratio is 10.58%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RRC shares. Citigroup decreased their target price on Range Resources from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. Weiss Ratings lowered shares of Range Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 2nd. TD Cowen raised their price objective on shares of Range Resources from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Morgan Stanley lifted their price objective on shares of Range Resources from $49.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 22nd. Finally, Stephens set a $53.00 target price on shares of Range Resources in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Range Resources presently has an average rating of “Hold” and a consensus price target of $43.94.

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.