Essex Investment Management Co. LLC Lowers Stake in Range Resources Corp. (RRC)

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Essex Investment Management Co. LLC decreased its stake in shares of Range Resources Corp. (NYSE:RRC) by 71.6% in the 4th quarter, HoldingsChannel reports. The fund owned 17,615 shares of the oil and gas exploration company’s stock after selling 44,492 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Range Resources were worth $169,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Sit Investment Associates Inc. bought a new stake in shares of Range Resources during the fourth quarter worth $45,000. Ayalon Holdings Ltd. increased its position in shares of Range Resources by 87.1% during the fourth quarter. Ayalon Holdings Ltd. now owns 6,939 shares of the oil and gas exploration company’s stock worth $66,000 after acquiring an additional 3,230 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Range Resources by 784.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 790,501 shares of the oil and gas exploration company’s stock worth $83,000 after acquiring an additional 701,168 shares in the last quarter. Zweig DiMenna Associates LLC bought a new stake in shares of Range Resources during the fourth quarter worth $104,000. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Range Resources by 265.9% during the third quarter. DekaBank Deutsche Girozentrale now owns 6,660 shares of the oil and gas exploration company’s stock worth $110,000 after acquiring an additional 4,840 shares in the last quarter.

Several brokerages have recently issued reports on RRC. B. Riley set a $21.00 price objective on shares of Range Resources and gave the stock a “buy” rating in a research report on Friday, December 21st. Jefferies Financial Group restated a “buy” rating and set a $19.00 target price on shares of Range Resources in a report on Wednesday, January 30th. MKM Partners initiated coverage on shares of Range Resources in a report on Wednesday, December 5th. They set a “neutral” rating and a $17.00 target price for the company. BMO Capital Markets cut shares of Range Resources from an “outperform” rating to a “market perform” rating in a report on Monday, January 7th. Finally, Zacks Investment Research cut shares of Range Resources from a “hold” rating to a “sell” rating in a report on Friday, February 1st. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $18.73.

Shares of RRC stock opened at $10.83 on Friday. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 1.02 and a beta of 1.15. The company has a quick ratio of 0.53, a current ratio of 0.56 and a debt-to-equity ratio of 0.72. Range Resources Corp. has a one year low of $9.22 and a one year high of $18.59.

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Range Resources Company Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.

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Want to see what other hedge funds are holding RRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Range Resources Corp. (NYSE:RRC).

Institutional Ownership by Quarter for Range Resources (NYSE:RRC)

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