From Marcellus Rock to Global Markets: How Range Resources Sits in the Middle of the Gas Boom Ahead

On November 14, 2025, Kopernik Global Investors, LLC disclosed a significant increase in its Range Resources (NYSE:RRC) stake, adding 1,610,804 shares—an estimated $52.12 million position change.

What happened

According to a filing with the U.S. Securities and Exchange Commission dated November 14, 2025, Kopernik Global Investors, LLC increased its holding in Range Resources (NYSE:RRC) during the third quarter. The fund added 1,610,804 shares, bringing its total stake to 4,420,608 shares with a reported market value of $166.39 million as of September 30, 2025.

What else to know

Kopernik executed a buy, raising its Range Resources stake to 13.56% of 13F AUM.

Top holdings after the filing:

• SA: $167,761,984 (13.7% of AUM)
• RRC: $166,391,685 (13.6% of AUM)
• MKT: NG: $115,610,678 (9.4% of AUM)
• B: $100,190,670 (8.2% of AUM)
• KT: $88,831,236 (7.2% of AUM)

As of November 13, 2025, shares were priced at $38.02, up 12.65% over the prior year with one-year alpha of -0.54 percentage points versus the S&P 500

The company's dividend yield stood at 0.92%, forward P/E at 10.48, and EV/EBITDA at 9.13 on the most recent data.

Company overview

Company snapshot

Range Resources is a leading independent energy producer specializing in natural gas and NGLs, with a significant operational footprint in the Appalachian basin.

The company leverages a large portfolio of producing wells and leased acreage to drive efficient hydrocarbon extraction and sales. Its scale, asset base, and focus on low-cost production contribute to its competitive positioning within the U.S. energy sector. Range Resources produces and sells natural gas, natural gas liquids (NGLs), and oil, with a focus on the Appalachian region of the United States.

The company operates an exploration and production business model, generating revenue primarily from the extraction and sale of hydrocarbons to utilities, industrial users, and energy marketers.

Range Resources' main customers include utilities, marketing and midstream companies, petrochemical end users, and oil processors.

Foolish take

Kopernik’s decision to add 1.6 million shares of Range Resources is not a trade around the edges of a small-cap name. It is a statement about one of the core producers in U.S. natural gas and about how the long-term gas setup looks from a value investor’s seat. Range Resources sits in the thick of the supply that will help determine how the next leg of the North American gas market plays out.

Range has spent years building a position as one of the lowest-cost operators in the Marcellus and Utica. The company's advantage begins in the rock, where its Marcellus wells deliver long productive lives and steady well performance. From there, the company protects its pricing through transportation agreements that keep its gas moving even when regional takeaway tightens. Its marketing arm then pushes volumes into markets well beyond Appalachia, which gives Range Resources access to hubs that reflect Henry Hub economics rather than local discounts. On the other hand, the company has kept a steady focus on balance sheet repair and disciplined capital spending. That combination puts Range Resources in a position to survive tough gas tapes and still participate when demand tightens.

For investors, the key is to decide whether Range’s cost position and asset base justify riding through the volatility that comes with gas.
The company’s ability to keep improving well performance, advance capital efficiency, and manage its asset base with precision will determine how much of that macro tailwind flows through to long-term returns. If Range Resources continues to execute well in this environment, its role in the next stage of the U.S. gas cycle could prove more valuable than what today’s market suggests.

Glossary

13F assets under management (AUM): The total value of securities reported by an institutional investment manager in quarterly SEC Form 13F filings.

Alpha: A measure of an investment's performance compared to a benchmark, indicating value added or subtracted by active management.

Dividend yield: Annual dividends paid by a company divided by its share price, expressed as a percentage.

Forward P/E: Price-to-earnings ratio using forecasted earnings for the next year, estimating how much investors pay per dollar of future profit.

EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; used to value a company relative to its earnings.

Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.

Net value change: The difference in the market value of a holding after a transaction, reflecting the increase or decrease in investment size.

Exploration and production business model: A company structure focused on discovering, extracting, and selling natural resources like oil and gas.

Natural gas liquids (NGLs): Hydrocarbon products separated from natural gas, such as ethane, propane, and butane, used as fuels or feedstocks.

Leased acreage: Land that a company rents for the right to explore and extract oil or gas resources.

Midstream companies: Firms involved in transporting, storing, and marketing oil, gas, and related products between production and end users.

Market value: The total dollar value of a security or portfolio, calculated by multiplying current price by the number of units held.

Eric Trie has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.