Gallacher Capital Management LLC Makes New $1 Million Investment in California Resources Corporation $CRC

Gallacher Capital Management LLC bought a new stake in California Resources Corporation (NYSE:CRC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 18,847 shares of the oil and gas producer’s stock, valued at approximately $1,002,000.

Other large investors also recently made changes to their positions in the company. Salomon & Ludwin LLC bought a new stake in California Resources in the 3rd quarter valued at $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of California Resources during the second quarter worth $35,000. Nomura Asset Management Co. Ltd. boosted its position in shares of California Resources by 97.9% in the second quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock valued at $42,000 after acquiring an additional 460 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of California Resources by 29.7% in the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 219 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of California Resources by 242.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock valued at $67,000 after acquiring an additional 1,045 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Analysts Set New Price Targets

CRC has been the subject of several analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Wells Fargo & Company reiterated an “overweight” rating and issued a $56.00 price target (down from $58.00) on shares of California Resources in a research report on Tuesday, December 9th. Zacks Research downgraded California Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 1st. Barclays set a $65.00 price objective on California Resources and gave the stock an “overweight” rating in a research note on Wednesday, January 21st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.90.

California Resources Price Performance

Shares of CRC stock opened at $54.22 on Wednesday. The business has a fifty day simple moving average of $47.15 and a 200 day simple moving average of $48.79. The company has a market cap of $4.54 billion, a P/E ratio of 12.61 and a beta of 1.15. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $58.41.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.15. The firm had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $888.58 million. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The business’s revenue for the quarter was down 36.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.50 earnings per share. On average, sell-side analysts forecast that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.