UBS Oconnor LLC increased its position in shares of California Resources Corporation (NYSE:CRC) by 120.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 244,006 shares of the oil and gas producer’s stock after buying an additional 133,242 shares during the period. UBS Oconnor LLC owned approximately 0.57% of California Resources Corporation worth $3,670,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in CRC. Two Sigma Investments LP purchased a new position in California Resources Corporation during the fourth quarter valued at $264,000. Russell Investments Group Ltd. bought a new position in shares of California Resources Corporation during the fourth quarter valued at approximately $651,000. Fox Run Management L.L.C. bought a new position in shares of California Resources Corporation during the first quarter valued at approximately $427,000. Federated Investors Inc. PA increased its stake in shares of California Resources Corporation by 203.2% in the fourth quarter. Federated Investors Inc. PA now owns 64,155 shares of the oil and gas producer’s stock worth $1,366,000 after buying an additional 42,993 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of California Resources Corporation by 86.2% in the first quarter. Acadian Asset Management LLC now owns 250,011 shares of the oil and gas producer’s stock worth $3,759,000 after buying an additional 115,762 shares during the period. 70.29% of the stock is owned by hedge funds and other institutional investors.
Shares of California Resources Corporation (CRC) opened at 7.68 on Tuesday. The company has a market capitalization of $327.11 million, a P/E ratio of 0.85 and a beta of 6.30. The firm has a 50-day moving average price of $10.89 and a 200 day moving average price of $15.52. California Resources Corporation has a 12-month low of $6.64 and a 12-month high of $23.42.
California Resources Corporation (NYSE:CRC) last issued its earnings results on Thursday, May 4th. The oil and gas producer reported ($1.02) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.25) by $0.23. The company had revenue of $590 million during the quarter, compared to analysts’ expectations of $486.15 million. The firm’s revenue was up 83.2% compared to the same quarter last year. On average, equities research analysts predict that California Resources Corporation will post ($4.81) earnings per share for the current year.
CRC has been the subject of a number of research analyst reports. Bank of America Corporation cut California Resources Corporation from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $22.00 to $10.00 in a research note on Friday, June 30th. Zacks Investment Research cut California Resources Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Finally, BidaskClub cut California Resources Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 8th.
In other news, Director Justin A. Gannon bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The shares were purchased at an average price of $13.60 per share, for a total transaction of $27,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.91% of the company’s stock.
About California Resources Corporation
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).
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