James Investment Research Inc. lessened its holdings in California Resources Corp (NYSE:CRC) by 40.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 35,005 shares of the oil and gas producer’s stock after selling 23,695 shares during the period. James Investment Research Inc. owned 0.07% of California Resources worth $900,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of CRC. JPMorgan Chase & Co. increased its stake in California Resources by 933.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,031,585 shares of the oil and gas producer’s stock worth $50,063,000 after buying an additional 931,777 shares in the last quarter. Vanguard Group Inc increased its stake in California Resources by 11.1% in the 3rd quarter. Vanguard Group Inc now owns 3,803,159 shares of the oil and gas producer’s stock worth $184,568,000 after buying an additional 381,230 shares in the last quarter. Vanguard Group Inc. increased its stake in California Resources by 11.1% in the 3rd quarter. Vanguard Group Inc. now owns 3,803,159 shares of the oil and gas producer’s stock worth $184,568,000 after buying an additional 381,230 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in California Resources by 161.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 512,765 shares of the oil and gas producer’s stock worth $24,883,000 after buying an additional 316,292 shares in the last quarter. Finally, Norges Bank purchased a new stake in California Resources in the 4th quarter worth $5,203,000. Institutional investors and hedge funds own 75.21% of the company’s stock.
Shares of NYSE:CRC traded down $2.23 during trading on Wednesday, reaching $20.08. The company’s stock had a trading volume of 2,211,060 shares, compared to its average volume of 2,244,373. California Resources Corp has a 12 month low of $13.48 and a 12 month high of $50.34. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 15.81 and a beta of 4.56.
California Resources (NYSE:CRC) last announced its quarterly earnings results on Thursday, May 2nd. The oil and gas producer reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.94. California Resources had a net margin of 8.36% and a negative return on equity of 18.81%. The firm had revenue of $690.00 million during the quarter, compared to the consensus estimate of $635.00 million. During the same quarter last year, the firm earned $0.18 EPS. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, equities research analysts predict that California Resources Corp will post 3.04 earnings per share for the current fiscal year.
A number of brokerages have issued reports on CRC. Goldman Sachs Group lowered California Resources from a “neutral” rating to a “sell” rating and increased their price target for the stock from $19.00 to $20.00 in a research note on Friday, April 12th. ValuEngine upgraded California Resources from a “hold” rating to a “buy” rating in a research report on Wednesday, March 20th. Mizuho began coverage on California Resources in a research report on Thursday, March 28th. They set a “buy” rating and a $35.00 price objective for the company. Zacks Investment Research upgraded California Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Finally, Raymond James upgraded California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 price objective for the company in a research report on Monday, May 13th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $33.33.
In other California Resources news, Director William E. Albrecht sold 10,000 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the completion of the sale, the director now owns 110,788 shares of the company’s stock, valued at $2,215,760. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.50% of the stock is owned by company insiders.
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California Resources 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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