LSV Asset Management Lowers Stake in California Resources Corporation $CRC

LSV Asset Management trimmed its position in California Resources Corporation (NYSE:CRC) by 4.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 521,200 shares of the oil and gas producer’s stock after selling 21,900 shares during the quarter. LSV Asset Management owned 0.62% of California Resources worth $27,717,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Sourcerock Group LLC increased its position in California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after purchasing an additional 779,280 shares in the last quarter. Invesco Ltd. grew its stake in California Resources by 155.8% during the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock worth $48,527,000 after buying an additional 647,190 shares during the period. Balyasny Asset Management L.P. grew its stake in California Resources by 461.5% during the second quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock worth $25,440,000 after buying an additional 457,835 shares during the period. Orion Porfolio Solutions LLC increased its position in shares of California Resources by 5,657.2% in the second quarter. Orion Porfolio Solutions LLC now owns 411,239 shares of the oil and gas producer’s stock worth $18,781,000 after acquiring an additional 404,096 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of California Resources by 10.5% in the 2nd quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer’s stock valued at $130,010,000 after acquiring an additional 270,562 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Up 2.2%

Shares of California Resources stock opened at $56.95 on Friday. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $58.41. The company has a market capitalization of $4.77 billion, a PE ratio of 13.24 and a beta of 1.15. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78. The business has a 50-day moving average of $48.47 and a 200-day moving average of $49.14.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRC. UBS Group set a $63.00 price target on shares of California Resources and gave the stock a “buy” rating in a research report on Monday, January 26th. Wells Fargo & Company restated an “overweight” rating and set a $56.00 price objective (down previously from $58.00) on shares of California Resources in a research note on Tuesday, December 9th. Barclays set a $65.00 target price on California Resources and gave the stock an “overweight” rating in a research report on Wednesday, January 21st. Pickering Energy Partners lowered California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Finally, TD Cowen upgraded California Resources to a “strong-buy” rating in a report on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and a consensus price target of $63.90.

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.