Is Range Resources Corp. (RRC) a Good Buy?

Because Range Resources Corp. (NYSE:RRC) has faced falling interest from the entirety of the hedge funds we track, it’s safe to say that there exists a select few funds who were dropping their positions entirely heading into Q4. It’s worth mentioning that Israel Englander’s Millennium Management dropped the biggest stake of the 700 funds watched by Insider Monkey, comprising an estimated $38.6 million in stock. Jim Simons’ fund, Renaissance Technologies, also dropped its stock, about $36.2 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest fell by 11 funds heading into Q4.

Let’s also examine hedge fund activity in other stocks similar to Range Resources Corp. (NYSE:RRC). These stocks are Service Corporation International (NYSE:SCI), Westar Energy Inc (NYSE:WR), Carlyle Group LP (NASDAQ:CG), and IAC/InterActiveCorp (NASDAQ:IACI). All of these stocks’ market caps match RRC’s market cap.

As you can see these stocks had an average of 26.5 hedge funds with bullish positions and the average amount invested in these stocks was $592 million. That figure was $745 million in RRC’s case. IAC/InterActiveCorp (NASDAQ:IACI) is the most popular stock in this table. On the other hand Westar Energy Inc (NYSE:WR) is the least popular one with only 10 bullish hedge fund positions. Range Resources Corp. (NYSE:RRC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard IACI might be a better candidate to consider a long position.