Raymond James Financial Services Advisors Inc. raised its holdings in California Resources Corp (NYSE:CRC) by 74.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,761 shares of the oil and gas producer’s stock after buying an additional 10,138 shares during the quarter. Raymond James Financial Services Advisors Inc. owned about 0.06% of California Resources worth $462,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Engineers Gate Manager LP purchased a new stake in California Resources in the fourth quarter valued at about $909,000. Dimensional Fund Advisors LP purchased a new stake in California Resources in the second quarter valued at about $1,285,000. Vanguard Group Inc. raised its stake in shares of California Resources by 4.8% in 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 during the last quarter. Northern Trust Corp raised its stake in shares of California Resources by 19.5% in the second quarter. Northern Trust Corp now owns 518,850 shares of the oil and gas producer’s stock worth $4,436,000 after purchasing an additional 84,823 shares during the last quarter. Finally, Restructuring Capital Associates LP raised its stake 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 worth $18,105,000 after purchasing an additional 490,408 shares during the last quarter. Institutional investors own 73.90% of the company’s stock.
In other news, Director Harry T. Mcmahon purchased 35,530 shares of the stock in a transaction dated Thursday, March 1st. The shares were purchased at an average cost of $14.18 per share, with a total value of $503,815.40. Following the completion of the purchase, the director now directly owns 48,773 shares of the company’s stock, valued at approximately $691,601.14. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.91% of the company’s stock.
Several research analysts have recently issued reports on the company. ValuEngine upgraded California Resources from a “sell” rating to a “hold” rating in a research note on Friday. Zacks Investment Research upgraded California Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, March 13th. Societe Generale cut California Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, Imperial Capital upgraded California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 price objective for the company in a research note on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $23.42.
CRC traded down $1.18 during trading on Friday, hitting $17.96. The company’s stock had a trading volume of 1,914,495 shares, compared to its average volume of 1,544,891. The company has a current ratio of 0.66, a quick ratio of 0.58 and a debt-to-equity ratio of -7.37. California Resources Corp has a twelve month low of $6.47 and a twelve month high of $25.06. The firm has a market cap of $770.52, a P/E ratio of -4.08 and a beta of 5.86.
California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, February 26th. The oil and gas producer reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.21. The business had revenue of $455.00 million during the quarter, compared to analyst estimates of $540.57 million. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the business posted ($1.76) earnings per share. equities research analysts forecast that California Resources Corp will post -2.8 EPS for the current year.
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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).
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