Hedge Funds Were Right About These 5 Soaring Stocks

3. Range Resources Corporation (NYSE:RRC)

Number of Hedge Fund Shareholders: 36

Year-to-Date Returns: 79.9%

Range Resources Corporation (NYSE:RRC) shares have skyrocketed by 80% year-to-date, surely pleasing the numerous hedge funds that added RRC to their portfolios over the previous two quarters. Among them were Joel Greenblatt’s Gotham Asset Management and Lee Munder’s Lee Munder Capital Group. All told, there was a 44% increase in the number of funds long RRC between Q4 2021 and Q1 2022.

Range Resources Corporation (NYSE:RRC) reported Q2 production of 2.1 billion cubic feet equivalent per day, in line with its end-of-2021 production. The independent exploration and production company, which currently operates entirely in the Marcellus Shale in Pennsylvania, has proved reserves of 17.8 trillion cubic feet equivalent, which would sustain that level of production for nearly 25 years.

Thanks to its rapidly improving balance sheet, Range Resources Corporation (NYSE:RRC) is expected to boost share repurchases in the near-term, shares which are now 80% more valuable than they were at the end of 2021. With its shares soaring, several valuation metrics have also hit multi-year highs, including the company’s price to sales (1.66x), price to book (4.22x), and price to cash flow (6.41x).