Alps Advisors Inc. decreased its holdings in shares of California Resources Corp (NYSE:CRC) by 63.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,761 shares of the oil and gas producer’s stock after selling 21,944 shares during the quarter. Alps Advisors Inc.’s holdings in California Resources were worth $248,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Graham Capital Management L.P. acquired a new stake in shares of California Resources in the first quarter valued at $5,092,000. Elephas Investment Management Ltd grew its stake in shares of California Resources by 15.1% in the first quarter. Elephas Investment Management Ltd now owns 1,544,668 shares of the oil and gas producer’s stock valued at $26,491,000 after buying an additional 203,000 shares in the last quarter. Millennium Management LLC grew its stake in shares of California Resources by 1,855.2% in the first quarter. Millennium Management LLC now owns 727,722 shares of the oil and gas producer’s stock valued at $12,480,000 after buying an additional 690,503 shares in the last quarter. USS Investment Management Ltd acquired a new stake in shares of California Resources in the first quarter valued at $10,011,000. Finally, Shepherd Kaplan Krochuk LLC grew its stake in shares of California Resources by 12.9% in the first quarter. Shepherd Kaplan Krochuk LLC now owns 203,417 shares of the oil and gas producer’s stock valued at $3,489,000 after buying an additional 23,300 shares in the last quarter. 72.26% of the stock is owned by institutional investors.
CRC has been the subject of a number of research reports. Zacks Investment Research raised California Resources from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Friday, July 20th. ValuEngine cut California Resources from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 11th. Finally, Evercore ISI initiated coverage on California Resources in a research note on Friday, September 21st. They issued an “outperform” rating and a $55.00 price objective for the company. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $34.64.
NYSE:CRC traded down $1.84 during midday trading on Friday, reaching $46.14. The company had a trading volume of 1,527,525 shares, compared to its average volume of 1,949,813. The firm has a market cap of $2.35 billion, a PE ratio of -10.49 and a beta of 5.55. California Resources Corp has a 12-month low of $8.84 and a 12-month high of $50.34. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of -7.87.
California Resources (NYSE:CRC) last released its earnings results on Thursday, August 2nd. The oil and gas producer reported ($0.29) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.34). The company had revenue of $549.00 million during the quarter, compared to analysts’ expectations of $649.01 million. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.83) EPS. Equities analysts forecast that California Resources Corp will post -0.35 EPS for the current year.
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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