California Public Employees Retirement System Reduces Position in California Resources Corporation (CRC)

California Public Employees Retirement System trimmed its holdings in California Resources Corporation (NYSE:CRC) by 18.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,306 shares of the oil and gas producer’s stock after selling 70,200 shares during the quarter. California Public Employees Retirement System owned about 0.73% of California Resources Corporation worth $2,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Commerzbank Aktiengesellschaft FI increased its stake in shares of California Resources Corporation by 8.7% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 215,807 shares of the oil and gas producer’s stock worth $1,845,000 after acquiring an additional 17,333 shares in the last quarter. State Street Corp grew its position in California Resources Corporation by 5.7% during the 1st quarter. State Street Corp now owns 2,915,345 shares of the oil and gas producer’s stock valued at $43,849,000 after purchasing an additional 156,817 shares during the last quarter. Swiss National Bank grew its position in California Resources Corporation by 8.1% during the 1st quarter. Swiss National Bank now owns 67,789 shares of the oil and gas producer’s stock valued at $1,020,000 after purchasing an additional 5,100 shares during the last quarter. GRT Capital Partners L.L.C. grew its position in California Resources Corporation by 9.0% during the 2nd quarter. GRT Capital Partners L.L.C. now owns 586,996 shares of the oil and gas producer’s stock valued at $5,019,000 after purchasing an additional 48,541 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in California Resources Corporation by 12.6% during the 1st quarter. Ameriprise Financial Inc. now owns 12,152 shares of the oil and gas producer’s stock valued at $182,000 after purchasing an additional 1,356 shares during the last quarter. Institutional investors own 74.09% of the company’s stock.

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Shares of California Resources Corporation (CRC) traded down $0.05 during midday trading on Tuesday, hitting $16.21. 1,236,100 shares of the stock were exchanged, compared to its average volume of 1,788,429. The company has a current ratio of 0.61, a quick ratio of 0.53 and a debt-to-equity ratio of -8.78. California Resources Corporation has a 12-month low of $6.47 and a 12-month high of $23.42.

California Resources Corporation (NYSE:CRC) last announced its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.39. The company had revenue of $455.00 million for the quarter, compared to analysts’ expectations of $476.87 million. The business’s revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.75) EPS. equities research analysts forecast that California Resources Corporation will post -4.72 earnings per share for the current fiscal year.

Several analysts recently commented on CRC shares. Morgan Stanley reissued an “equal weight” rating on shares of California Resources Corporation in a research report on Saturday, September 16th. Zacks Investment Research raised shares of California Resources Corporation from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective on the stock in a research report on Wednesday, October 18th. Imperial Capital started coverage on shares of California Resources Corporation in a research report on Tuesday, October 3rd. They set an “in-line” rating and a $12.00 price objective on the stock. ValuEngine downgraded shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, October 6th. Finally, Societe Generale raised shares of California Resources Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. California Resources Corporation presently has an average rating of “Hold” and an average price target of $14.25.

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).

Institutional Ownership by Quarter for California Resources Corporation (NYSE:CRC)

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