Restructuring Capital Associates LP grew its holdings in shares of California Resources Corp (NYSE:CRC) by 39.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,730,838 shares of the oil and gas producer’s stock after buying an additional 490,408 shares during the period. California Resources accounts for about 17.9% of Restructuring Capital Associates LP’s holdings, making the stock its largest holding. Restructuring Capital Associates LP owned about 4.04% of California Resources worth $18,105,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp lifted its holdings in shares of California Resources by 23.1% in the 2nd quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock valued at $30,673,000 after purchasing an additional 672,825 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of California Resources by 4.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock valued at $15,803,000 after purchasing an additional 84,072 shares during the last quarter. Mackenzie Financial Corp raised its stake in California Resources by 2.9% during the 3rd quarter. Mackenzie Financial Corp now owns 1,742,000 shares of the oil and gas producer’s stock valued at $18,221,000 after acquiring an additional 49,500 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in California Resources by 193.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,103,278 shares of the oil and gas producer’s stock valued at $9,434,000 after acquiring an additional 727,264 shares during the last quarter. Finally, Crescent Park Management L.P. raised its stake in California Resources by 37.3% during the 2nd quarter. Crescent Park Management L.P. now owns 1,013,766 shares of the oil and gas producer’s stock valued at $8,668,000 after acquiring an additional 275,318 shares during the last quarter. 75.22% of the stock is owned by institutional investors.
CRC has been the subject of several analyst reports. Morgan Stanley reaffirmed an “equal weight” rating on shares of California Resources in a research note on Saturday, September 16th. ValuEngine upgraded California Resources from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 26th. Imperial Capital initiated coverage on California Resources in a report on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 price target on the stock. Zacks Investment Research upgraded California Resources from a “hold” rating to a “strong-buy” rating and set a $12.00 price target on the stock in a report on Wednesday, October 18th. Finally, Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $14.25.
California Resources (NYSE:CRC) last issued its earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share for the quarter, topping the consensus estimate of ($1.61) by $0.39. The firm had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $476.87 million. During the same period last year, the business posted ($1.75) earnings per share. The company’s quarterly revenue was down .2% compared to the same quarter last year. analysts forecast that California Resources Corp will post -4.67 EPS for the current fiscal year.
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About California Resources
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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