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Should You Buy Range Resources Corp. (RRC)?

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Hedge Funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of September. At Insider Monkey, we follow over 700 of the best-performing investors and by analyzing their 13F filings, we can determine the stocks that they are collectively bullish on. One of their picks is Range Resources Corp. (NYSE:RRC), so let’s take a closer look at the sentiment that surrounds it in the current quarter.

Range Resources Corp. (NYSE:RRC) was in 46 hedge funds’ portfolios at the end of September. RRC investors should be aware of an increase in enthusiasm from smart money, as there had been 39 hedge funds in our database with RRC positions at the end of the previous quarter. However, the level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as AMERCO (NASDAQ:UHAL), Cadence Design Systems Inc (NASDAQ:CDNS), and New York Community Bancorp, Inc. (NYSE:NYCB) to gather more data points.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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Keeping this in mind, let’s check out the key action encompassing Range Resources Corp. (NYSE:RRC).

Hedge fund activity in Range Resources Corp. (NYSE:RRC)

Heading into the fourth quarter of 2016, 46 funds tracked by Insider Monkey were long this stock, up by 18% from the second quarter of 2016. With the smart money’s sentiment swirling, there exists a few key hedge fund managers who were increasing their holdings meaningfully (or already accumulated large positions).

HedgeFundSentimentChart

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Andreas Halvorsen’s Viking Global has the largest position in Range Resources Corp. (NYSE:RRC), worth close to $381.1 million, comprising 1.6% of its total 13F portfolio. Sitting at the No. 2 spot is Stelliam Investment Management, led by Ross Margolies, which holds a $121.6 million position; the fund has 4.1% of its 13F portfolio invested in the stock. Other peers that are bullish consist of John Griffin’s Blue Ridge Capital, Israel Englander’s Millennium Management, and Ken Griffin’s Citadel Investment Group.

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