California Resources Corporation $CRC Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. cut its holdings in shares of California Resources Corporation (NYSE:CRC) by 7.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,245,283 shares of the oil and gas producer’s stock after selling 662,945 shares during the quarter. Vanguard Group Inc. owned about 0.10% of California Resources worth $438,484,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CRC. Principal Financial Group Inc. boosted its holdings in California Resources by 23.9% in the 3rd quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer’s stock valued at $24,924,000 after purchasing an additional 90,466 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. purchased a new stake in shares of California Resources during the 3rd quarter valued at approximately $2,200,000. Gallacher Capital Management LLC acquired a new position in California Resources in the third quarter valued at approximately $1,002,000. Great Lakes Advisors LLC purchased a new position in California Resources in the third quarter worth approximately $7,291,000. Finally, Creative Planning grew its position in California Resources by 58.9% in the second quarter. Creative Planning now owns 37,673 shares of the oil and gas producer’s stock worth $1,721,000 after acquiring an additional 13,962 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CRC shares. UBS Group set a $63.00 target price on California Resources and gave the company a “buy” rating in a research report on Monday, January 26th. Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Pickering Energy Partners lowered shares of California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Finally, Royal Bank Of Canada set a $70.00 price objective on shares of California Resources in a report on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, California Resources has an average rating of “Moderate Buy” and a consensus price target of $63.90.

California Resources Stock Performance

NYSE CRC opened at $58.24 on Thursday. 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 company has a market cap of $4.87 billion, a P/E ratio of 13.54 and a beta of 1.15. The stock has a 50-day moving average of $50.28 and a two-hundred day moving average of $49.71. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.03.

About California Resources

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.