Range Resources Corp. (RRC)’s Production Hits Record, But Weak Oil And Gas Prices Lead To Loss

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

When looking at the hedgies followed by Insider Monkey, SPO Advisory Corp, managed by John H. Scully, holds the most valuable position in Range Resources Corp. (NYSE:RRC). SPO Advisory Corp has a $280.6 million position in the stock, comprising 3.9% of its 13F portfolio. The second-largest stake is held by Pennant Capital Management, led by Alan Fournier, holding a $123.4 million position; 2.3% of its 13F portfolio is allocated to the company. Some other hedge funds that are bullish contain Ross Margolies’ Stelliam Investment Management, Wallace Weitz’s Wallace R. Weitz & Co., and Zac Hirzel’s Hirzel Capital Management. In fact, a keen look at the activities of the hedge funds invested in the stock at the end of the quarter shows very bullish sentiment, with the top ten holders all having either increased their positions or creating new ones.

With a general bullishness amongst the heavyweights, some big names have jumped into Range Resources Corp. (NYSE:RRC) headfirst. Hirzel Capital Management established the largest position in Range Resources Corp. (NYSE:RRC). Hirzel Capital Management had $81.2 million invested in the company at the end of the quarter. William C. Martin’s Raging Capital Management also made a $66.5 million investment in the stock during the quarter. The other funds with brand new RRC positions are Will Snellings’ Marianas Fund Management, Jim Simons’ Renaissance Technologies, and Jorge Paulo Lemann‘s 3G Capital.

A quick look at the company’s second quarter earnings results, insider activity, and hedge fund sentiment shows that the stock is a good investment, though it is still facing challenges that have widely affected the industry in general. With the company focused on instilling efficiency and implementing cost cutting measures, it’s likely to perform better in the third quarter of 2015.

Disclosure: None