Usca Ria LLC reduced its stake in California Resources Corp (NYSE:CRC) by 81.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,743 shares of the oil and gas producer’s stock after selling 20,472 shares during the quarter. Usca Ria LLC’s holdings in California Resources were worth $230,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Baird Financial Group Inc. raised its position in shares of California Resources by 20.1% in the 2nd quarter. Baird Financial Group Inc. now owns 40,256 shares of the oil and gas producer’s stock valued at $1,829,000 after purchasing an additional 6,749 shares during the last quarter. BlackRock Inc. raised its position in California Resources by 5.5% during the 2nd quarter. BlackRock Inc. now owns 3,033,329 shares of the oil and gas producer’s stock worth $137,835,000 after buying an additional 156,881 shares during the last quarter. GeoSphere Capital Management LLC purchased a new position in California Resources during the 2nd quarter worth approximately $254,000. Rhumbline Advisers raised its position in California Resources by 5.9% during the 2nd quarter. Rhumbline Advisers now owns 60,784 shares of the oil and gas producer’s stock worth $2,762,000 after buying an additional 3,401 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in California Resources during the 2nd quarter worth approximately $375,000. 68.11% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on CRC shares. Zacks Investment Research raised shares of California Resources from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Friday, July 20th. ValuEngine lowered shares of California Resources from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 11th. Evercore ISI started coverage on shares of California Resources in a research report on Friday, September 21st. They set an “outperform” rating and a $55.00 price target for the company. Finally, Societe Generale raised shares of California Resources from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $39.75.
In other news, Director Harold M. Korell acquired 1,848 shares of the company’s stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average price of $29.17 per share, with a total value of $53,906.16. Following the purchase, the director now directly owns 39,719 shares of the company’s stock, valued at $1,158,603.23. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.31% of the company’s stock.
CRC opened at $27.68 on Friday. California Resources Corp has a 12-month low of $13.26 and a 12-month high of $50.34. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -6.29 and a beta of 5.50.
California Resources (NYSE:CRC) last posted its quarterly earnings results on Thursday, November 1st. The oil and gas producer reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.89. California Resources had a negative net margin of 6.39% and a negative return on equity of 3.20%. The company had revenue of $828.00 million during the quarter, compared to analyst estimates of $689.83 million. During the same period last year, the firm posted ($1.22) EPS. California Resources’s revenue for the quarter was up 86.1% compared to the same quarter last year. As a group, equities analysts predict that California Resources Corp will post 1.03 earnings per share for the current fiscal year.
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California Resources Company Profile
California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.
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