Cubist Systematic Strategies LLC increased its stake in California Resources Corp (NYSE:CRC) by 27.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,806 shares of the oil and gas producer’s stock after purchasing an additional 2,114 shares during the period. Cubist Systematic Strategies LLC’s holdings in California Resources were worth $446,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 Asia Hong Kong Ltd acquired a new stake in California Resources in the 1st quarter valued at approximately $119,000. Guidant Wealth Advisors increased its position in shares of California Resources by 7,327.0% during the 2nd quarter. Guidant Wealth Advisors now owns 4,679 shares of the oil and gas producer’s stock valued at $129,000 after purchasing an additional 4,616 shares during the period. BlueMountain Capital Management LLC acquired a new position in shares of California Resources during the 2nd quarter valued at $185,000. SG Americas Securities LLC acquired a new position in shares of California Resources during the 2nd quarter valued at $216,000. Finally, Great West Life Assurance Co. Can increased its position in shares of California Resources by 76.1% during the 2nd quarter. Great West Life Assurance Co. Can now owns 4,771 shares of the oil and gas producer’s stock valued at $217,000 after purchasing an additional 2,061 shares during the period. 72.26% of the stock is currently owned by institutional investors and hedge funds.
CRC has been the topic of several research analyst reports. Zacks Investment Research upgraded California Resources from a “sell” rating to a “hold” rating and set a $52.00 price target on the stock in a research report on Wednesday, October 3rd. Evercore ISI initiated coverage on California Resources in a research report on Friday, September 21st. They set an “outperform” rating and a $55.00 price target on the stock. ValuEngine upgraded California Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 19th. Finally, Societe Generale raised California Resources from a “hold” rating to a “buy” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. California Resources currently has a consensus rating of “Buy” and an average price target of $35.79.
Shares of California Resources stock opened at $39.30 on Friday. The firm has a market capitalization of $2.35 billion, a PE ratio of -8.93 and a beta of 5.55. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of -7.87. California Resources Corp has a 12 month low of $8.84 and a 12 month high of $50.34.
California Resources (NYSE:CRC) last issued its earnings results on Thursday, August 2nd. The oil and gas producer reported ($0.29) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.34). The firm had revenue of $549.00 million during the quarter, compared to analyst estimates of $649.01 million. The firm’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) earnings per share. As a group, analysts predict that California Resources Corp will post -0.35 earnings per share for the current fiscal 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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