Weitz Investment Management Lowers stake in Range Resources Corp. (RRC)

Range Resources Corp. (RRC) : Weitz Investment Management reduced its stake in Range Resources Corp. by 25.99% during the most recent quarter end. The investment management company now holds a total of 2,387,244 shares of Range Resources Corp. which is valued at $100.3 Million after selling 838,181 shares in Range Resources Corp. , the firm said in a disclosure report filed with the SEC on May 13, 2016.Range Resources Corp. makes up approximately 3.59% of Weitz Investment Management’s portfolio.

Other Hedge Funds, Including , Ejf Capital sold out all of its stake in RRC during the most recent quarter. The investment firm sold 20,000 shares of RRC which is valued $840,200. Jefferies Group sold out all of its stake in RRC during the most recent quarter. The investment firm sold 52,901 shares of RRC which is valued $2.2 Million.Blackrock Fund Advisors reduced its stake in RRC by selling 46,795 shares or 1.55% in the most recent quarter. The Hedge Fund company now holds 2,966,382 shares of RRC which is valued at $124.6 Million. Range Resources Corp. makes up approx 0.03% of Blackrock Fund Advisors’s portfolio.Commonwealth Of Pennsylvania Public School Empls Retrmt Sys reduced its stake in RRC by selling 12,651 shares or 50.13% in the most recent quarter. The Hedge Fund company now holds 12,585 shares of RRC which is valued at $528,696. Range Resources Corp. makes up approx 0.01% of Commonwealth Of Pennsylvania Public School Empls Retrmt Sys’s portfolio.State Board Of Administration Of Florida Retirement System reduced its stake in RRC by selling 25,820 shares or 10.13% in the most recent quarter. The Hedge Fund company now holds 229,059 shares of RRC which is valued at $9.6 Million. Range Resources Corp. makes up approx 0.04% of State Board Of Administration Of Florida Retirement System’s portfolio.

Range Resources Corp. opened for trading at $41.79 and hit $43.34 on the upside on Wednesday, eventually ending the session at $43, with a gain of 4.07% or 1.68 points. The heightened volatility saw the trading volume jump to 47,14,435 shares. Company has a market cap of $7,299 M.

On the company’s financial health, Range Resources Corp. reported $-0.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $-0.19. The company had revenue of $331.40 million for the quarter, compared to analysts expectations of $319.11 million. The company’s revenue was down -28.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.16 EPS.

Many Wall Street Analysts have commented on Range Resources Corp.. Company shares were Reiterated by Nomura on May 20, 2016 to “Buy”, Firm has raised the Price Target to $ 45 from a previous price target of $29 .Range Resources Corp. was Upgraded by Raymond James to ” Outperform” on May 17, 2016. Company shares were Reiterated by Barclays on May 2, 2016 to “Underweight”, Firm has raised the Price Target to $ 30 from a previous price target of $24 .

Range Resources Corporation (Range) is an independent natural gas natural gas liquids (NGLs) and oil company. The Company is engaged in the engaged in the exploration development and acquisition of natural gas and oil properties mostly in the Appalachian and Midcontinent regions of the United States. The Company’s properties consist of interests in developed and undeveloped natural gas and oil leases in these regions. These interests are mostly in the form of working interests and to a lesser extent royalty and overriding royalty interests. The Company’s activities in the Midcontinent region include drilling production and field operations in the Texas Panhandle as well as in the Anadarko Basin of western Oklahoma the Nemaha Uplift of northern Oklahoma and Kansas the Permian Basin of West Texas and Mississippi.

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