Aristotle Capital Boston, LLC, an investment advisor, released its “Small/Mid Cap Equity Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund delivered a 9.48% net of fees (9.66% gross of fees) outperforming the Russell 2500 Index’s 8.75% total return. Security selection drove the outperformance while allocation effects detracted. For more information on the fund’s best picks in 2024, please check its top five holdings.
Aristotle Small/Mid Cap Equity Strategy highlighted stocks like Range Resources Corporation (NYSE:RRC) in the third quarter 2024 investor letter. Range Resources Corporation (NYSE:RRC) is an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company. The one-month return of Range Resources Corporation (NYSE:RRC) was 12.69%, and its shares gained 3.48% of their value over the last 52 weeks. On November 11, 2024, Range Resources Corporation (NYSE:RRC) stock closed at $34.46 per share with a market capitalization of $8.316 billion.
Aristotle Small/Mid Cap Equity Strategy stated the following regarding Range Resources Corporation (NYSE:RRC) in its Q3 2024 investor letter:
“Range Resources Corporation (NYSE:RRC), a natural gas focused exploration and production company with operations in the Appalachian Basin, declined amid a weak commodity price backdrop for energy related companies. We maintain a position, as we believe the company’s low-cost acreage allows it to translate the healthy price environment into earnings and cash flow that is being used to reduce financial leverage, which can accrue additional value to equity shareholders in periods to come.”
Aerial view of a oil rig in the middle of an ocean, with a bright orange sunrise in the background.
Range Resources Corporation (NYSE:RRC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Range Resources Corporation (NYSE:RRC) at the end of the second quarter which was 30 in the previous quarter. While we acknowledge the potential of Range Resources Corporation (NYSE:RRC) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Range Resources Corporation (NYSE:RRC) and shared the list of best natural gas stocks to invest in according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.