Should You Buy Range Resources Corp. (RRC)?

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Now, specific money managers have jumped into Range Resources Corp. (NYSE:RRC) headfirst. Partner Fund Management, managed by Christopher James, created the biggest position in Range Resources Corp. (NYSE:RRC). Partner Fund Management had $54.7 million invested in the company at the end of the quarter. Thomas E. Claugus’ GMT Capital also initiated a $48.5 million position during the quarter. The other funds with new positions in the stock are Wayne Cooperman’s Cobalt Capital Management, David Zusman’s Talara Capital Management, and D. E. Shaw’s D E Shaw.

Let’s now review hedge fund activity in other stocks similar to Range Resources Corp. (NYSE:RRC). These stocks are AMERCO (NASDAQ:UHAL), Cadence Design Systems Inc (NASDAQ:CDNS), New York Community Bancorp, Inc. (NYSE:NYCB), and Icahn Enterprises LP (NASDAQ:IEP). All of these stocks’ market caps match RRC’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
UHAL 22 340676 -1
CDNS 26 611713 -3
NYCB 15 200787 0
IEP 4 6591251 -2

As you can see these stocks had an average of 17 funds with bullish positions and the average amount invested in these stocks was $1.94 billion. That figure was $1.20 billion in RRC’s case. Cadence Design Systems Inc (NASDAQ:CDNS) is the most popular stock in this table. On the other hand Icahn Enterprises LP (NASDAQ:IEP) is the least popular one with only four bullish hedge fund positions. Compared to these stocks Range Resources Corp. (NYSE:RRC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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