Mraz Amerine & Associates Inc. lessened its stake in California Resources Corp (NYSE:CRC) by 1.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,866 shares of the oil and gas producer’s stock after selling 1,176 shares during the quarter. California Resources accounts for 0.5% of Mraz Amerine & Associates Inc.’s investment portfolio, making the stock its 28th largest position. Mraz Amerine & Associates Inc. owned approximately 0.18% of California Resources worth $1,769,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Legal & General Group Plc increased its holdings in shares of California Resources by 4.5% in the 4th quarter. Legal & General Group Plc now owns 18,247 shares of the oil and gas producer’s stock valued at $310,000 after purchasing an additional 778 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in shares of California Resources in the 1st quarter valued at about $39,000. Hanson McClain Inc. increased its holdings in shares of California Resources by 60.2% in the 2nd quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock valued at $89,000 after purchasing an additional 1,708 shares in the last quarter. Swiss National Bank increased its holdings in shares of California Resources by 2.3% in the 2nd quarter. Swiss National Bank now owns 85,989 shares of the oil and gas producer’s stock valued at $1,692,000 after purchasing an additional 1,900 shares in the last quarter. Finally, Aperio Group LLC increased its holdings in shares of California Resources by 78.3% in the 2nd quarter. Aperio Group LLC now owns 15,220 shares of the oil and gas producer’s stock valued at $300,000 after purchasing an additional 6,683 shares in the last quarter. Institutional investors and hedge funds own 62.31% of the company’s stock.
In other news, Director Laurie Siegel purchased 3,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were bought at an average cost of $16.78 per share, with a total value of $50,340.00. Following the purchase, the director now directly owns 15,196 shares of the company’s stock, valued at $254,988.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William E. Albrecht sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 102,883 shares in the company, valued at $2,057,660. The disclosure for this sale can be found here. Insiders have acquired a total of 21,980 shares of company stock worth $237,895 over the last ninety days. 3.50% of the stock is owned by corporate insiders.
A number of brokerages have recently issued reports on CRC. Zacks Investment Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 31st. Bank of America raised their target price on shares of California Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. ValuEngine downgraded shares of California Resources from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Imperial Capital dropped their target price on shares of California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a report on Monday, August 5th. Finally, Raymond James upgraded shares of California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a report on Monday, May 13th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. California Resources has an average rating of “Hold” and a consensus price target of $28.57.
NYSE:CRC traded up $0.86 during mid-day trading on Friday, hitting $9.77. 3,375,500 shares of the company’s stock traded hands, compared to its average volume of 3,011,966. The firm’s 50 day simple moving average is $15.15 and its 200 day simple moving average is $20.05. California Resources Corp has a 1 year low of $8.90 and a 1 year high of $50.34. The company has a market cap of $458.68 million, a PE ratio of 7.69 and a beta of 4.38.
California Resources (NYSE:CRC) last posted its earnings results on Thursday, August 1st. The oil and gas producer reported ($0.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.57). California Resources had a net margin of 10.99% and a negative return on equity of 23.66%. The business had revenue of $653.00 million for the quarter, compared to analysts’ expectations of $674.43 million. During the same quarter last year, the business posted ($0.29) earnings per share. The business’s revenue was up 18.9% compared to the same quarter last year. Research analysts anticipate that California Resources Corp will post 0.71 earnings per share for the current year.
About California Resources
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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