Alps Advisors Inc. Buys New Stake in California Resources Corp (CRC)

Alps Advisors Inc. bought a new position in shares of California Resources Corp (NYSE:CRC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,761 shares of the oil and gas producer’s stock, valued at approximately $248,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. State Street Corp boosted its position in California Resources by 23.1% during the second quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock worth $30,673,000 after purchasing an additional 672,825 shares in the last quarter. Vanguard Group Inc. boosted its position in California Resources by 4.8% during the second quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock worth $15,803,000 after purchasing an additional 84,072 shares in the last quarter. Mackenzie Financial Corp boosted its position in California Resources by 2.9% during the third quarter. Mackenzie Financial Corp now owns 1,742,000 shares of the oil and gas producer’s stock worth $18,221,000 after purchasing an additional 49,500 shares in the last quarter. Restructuring Capital Associates LP lifted its position in shares of California Resources by 39.5% in the third quarter. Restructuring Capital Associates LP now owns 1,730,838 shares of the oil and gas producer’s stock valued at $18,105,000 after acquiring an additional 490,408 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of California Resources by 8.8% in the third quarter. Janus Henderson Group PLC now owns 817,248 shares of the oil and gas producer’s stock valued at $8,548,000 after acquiring an additional 66,280 shares in the last quarter. Institutional investors own 72.66% of the company’s stock.

Shares of California Resources Corp (NYSE CRC) opened at $18.95 on Thursday. 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 Corp has a 12-month low of $6.47 and a 12-month high of $25.06.

CRC has been the topic of several recent research reports. Zacks Investment Research upgraded California Resources from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research report on Thursday, November 9th. Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Morgan Stanley upped their price objective on California Resources from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Finally, Imperial Capital upped their price objective on California Resources from $12.00 to $18.00 and gave the company an “in-line” rating in a research report on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $23.42.

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California Resources Company Profile

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 (NYSE:CRC)

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