California State Teachers Retirement System lowered its stake in shares of California Resources Corp. (NYSE:CRC) by 92.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,484 shares of the company’s stock after selling 775,474 shares during the period. California State Teachers Retirement System owned approximately 0.17% of California Resources Corp. worth $811,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in California Resources Corp. during the fourth quarter valued at approximately $10,976,000. Franklin Resources Inc. increased its position in California Resources Corp. by 509.5% in the first quarter. Franklin Resources Inc. now owns 104,065 shares of the company’s stock valued at $107,000 after buying an additional 86,991 shares during the period. BlackRock Inc. increased its position in shares of California Resources Corp. by 17.2% in the first quarter. BlackRock Inc. now owns 311,688 shares of the company’s stock worth $320,000 after buying an additional 45,694 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of California Resources Corp. by 1,122.9% in the first quarter. JPMorgan Chase & Co. now owns 2,918,282 shares of the company’s stock worth $3,007,000 after buying an additional 2,679,640 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in shares of California Resources Corp. by 9,734.9% in the first quarter. Bessemer Group Inc. now owns 99,332 shares of the company’s stock worth $102,000 after buying an additional 98,322 shares during the last quarter. 66.07% of the stock is owned by institutional investors and hedge funds.
California Resources Corp. (NYSE:CRC) traded up 1.63% during mid-day trading on Friday, reaching $12.50. 2,555,655 shares of the company were exchanged. The company has a 50 day moving average of $11.13 and a 200-day moving average of $13.66. California Resources Corp. has a 1-year low of $2.81 and a 1-year high of $51.50. The company’s market capitalization is $513.75 million.
California Resources Corp. (NYSE:CRC) last released its quarterly earnings data on Thursday, August 4th. The company reported ($1.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.49) by $0.31. California Resources Corp. had a negative net margin of 195.30% and a negative return on equity of 42.69%. The firm earned $317 million during the quarter, compared to analysts’ expectations of $437.47 million. The firm’s revenue for the quarter was down 50.4% compared to the same quarter last year. On average, equities research analysts forecast that California Resources Corp. will post ($6.72) EPS for the current year.
Separately, Zacks Investment Research raised shares of California Resources Corp. from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Tuesday, July 5th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $31.67.
California Resources Corp. 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 produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe).
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