Range Resources Corporation $RRC Stake Reduced by Canoe Financial LP

Canoe Financial LP reduced its stake in shares of Range Resources Corporation (NYSE:RRC) by 14.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,045,709 shares of the oil and gas exploration company’s stock after selling 359,300 shares during the quarter. Canoe Financial LP’s holdings in Range Resources were worth $83,199,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in Range Resources by 98.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 18,035 shares of the oil and gas exploration company’s stock worth $720,000 after buying an additional 8,941 shares during the last quarter. Informed Momentum Co LLC bought a new position in Range Resources during the 1st quarter worth $3,575,000. Advisor Resource Council bought a new position in Range Resources during the 1st quarter worth $622,000. Goehring & Rozencwajg Associates LLC grew its stake in Range Resources by 1.8% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company’s stock worth $57,803,000 after buying an additional 25,403 shares during the last quarter. Finally, D.A. Davidson & CO. bought a new position in Range Resources during the 1st quarter worth $612,000. 98.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RRC shares. Royal Bank Of Canada reissued a “sector perform” rating and issued a $45.00 price target on shares of Range Resources in a research note on Tuesday, July 15th. UBS Group decreased their price target on Range Resources from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Wednesday, August 20th. Susquehanna increased their price target on Range Resources from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 23rd. Bank of America increased their price target on Range Resources from $45.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. Finally, Roth Capital cut Range Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $44.00 to $35.00 in a research note on Monday, August 18th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Range Resources has a consensus rating of “Hold” and an average target price of $42.45.

Range Resources Trading Down 0.7%

Shares of RRC stock opened at $35.29 on Friday. The stock has a 50-day simple moving average of $35.18 and a 200 day simple moving average of $36.94. Range Resources Corporation has a fifty-two week low of $28.99 and a fifty-two week high of $43.50. The stock has a market capitalization of $8.40 billion, a P/E ratio of 17.73, a P/E/G ratio of 0.30 and a beta of 0.55. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The business had revenue of $856.28 million during the quarter, compared to the consensus estimate of $708.38 million. During the same period in the prior year, the business posted $0.46 earnings per share. On average, sell-side analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, September 12th. Range Resources’s dividend payout ratio is currently 18.09%.

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.