Adams Asset Advisors LLC increased its stake in shares of California Resources Corp. (NYSE:CRC) by 23.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 196,986 shares of the company’s stock after buying an additional 37,301 shares during the period. Adams Asset Advisors LLC’s holdings in California Resources Corp. were worth $2,462,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC bought a new position in California Resources Corp. during the second quarter valued at $1,221,000. Princeton Alpha Management LP acquired a new stake in shares of California Resources Corp. during the second quarter worth approximately $180,000. Quantbot Technologies LP acquired a new stake in shares of California Resources Corp. during the second quarter worth approximately $374,000. Emerald Acquisition Ltd. acquired a new stake in shares of California Resources Corp. during the second quarter worth approximately $425,000. Finally, Societe Generale acquired a new stake in shares of California Resources Corp. during the second quarter worth approximately $156,000. 81.80% of the stock is owned by hedge funds and other institutional investors.
California Resources Corp. (NYSE:CRC) traded down 14.09% during trading on Monday, hitting $13.05. 3,839,682 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $12.35 and its 200 day moving average price is $12.63. The firm’s market cap is $537.88 million. California Resources Corp. has a 12-month low of $2.81 and a 12-month high of $42.50.
California Resources Corp. (NYSE:CRC) last released its quarterly earnings results on Thursday, November 3rd. The company reported ($1.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by $0.20. California Resources Corp. had a negative net margin of 176.16% and a negative return on equity of 42.69%. Equities analysts forecast that California Resources Corp. will post ($7.29) earnings per share for the current fiscal year.
A number of analysts have commented on CRC shares. Zacks Investment Research cut shares of California Resources Corp. from a “hold” rating to a “sell” rating in a report on Monday, October 10th. Morgan Stanley raised shares of California Resources Corp. from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $18.00 to $21.00 in a report on Tuesday, November 22nd. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. California Resources Corp. currently has an average rating of “Hold” and a consensus price target of $23.50.
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).