California Resources Corporation $CRC Stake Lessened by LSV Asset Management

LSV Asset Management trimmed its stake in shares of California Resources Corporation (NYSE:CRC) by 4.0% during the third quarter, HoldingsChannel reports. The fund owned 521,200 shares of the oil and gas producer’s stock after selling 21,900 shares during the quarter. LSV Asset Management’s holdings in California Resources were worth $27,717,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC bought a new stake in shares of California Resources in the 3rd quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in California Resources in the second quarter worth about $35,000. Nomura Asset Management Co. Ltd. increased its holdings in 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 buying an additional 460 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in 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 buying an additional 219 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in California Resources by 242.5% during 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 buying an additional 1,045 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Price Performance

Shares of CRC opened at $56.95 on Friday. The company has a market cap of $4.77 billion, a P/E ratio of 13.24 and a beta of 1.15. The stock has a fifty day moving average price of $48.47 and a 200 day moving average price of $49.14. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $58.41.

Wall Street Analysts Forecast Growth

CRC has been the subject of several research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. Mizuho raised their price objective on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Zacks Research downgraded shares of California Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research note on Monday, January 5th. Finally, Barclays set a $65.00 target price on shares of California Resources and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.90.

California Resources 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.