Swiss National Bank cut its stake in shares of California Resources Corp. (NYSE:CRC) by 92.1% during the second quarter, Holdings Channel reports. The institutional investor owned 62,689 shares of the company’s stock after selling 731,785 shares during the period. Swiss National Bank owned about 0.16% of California Resources Corp. worth $765,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in California Resources Corp. by 1,122.9% in the first quarter. JPMorgan Chase & Co. now owns 2,918,282 shares of the company’s stock worth $3,007,000 after buying an additional 2,679,640 shares during the last quarter. Geode Capital Management LLC increased its stake in California Resources Corp. by 45.8% in the first quarter. Geode Capital Management LLC now owns 2,703,080 shares of the company’s stock worth $2,783,000 after buying an additional 849,055 shares during the last quarter. BlackRock Inc. increased its stake in California Resources Corp. by 17.2% in the first quarter. BlackRock Inc. now owns 311,688 shares of the company’s stock worth $320,000 after buying an additional 45,694 shares during the last quarter. Coastland Capital LLC increased its stake in California Resources Corp. by 67.7% in the first quarter. Coastland Capital LLC now owns 5,040,970 shares of the company’s stock worth $5,192,000 after buying an additional 2,035,804 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in California Resources Corp. during the second quarter worth $374,000. 66.07% of the stock is currently owned by hedge funds and other institutional investors.
California Resources Corp. (NYSE:CRC) traded down 6.40% during midday trading on Friday, reaching $10.97. 1,742,936 shares of the company traded hands. California Resources Corp. has a one year low of $2.81 and a one year high of $51.50. The company’s market capitalization is $450.87 million. The stock’s 50 day moving average is $10.95 and its 200 day moving average is $13.49.
California Resources Corp. (NYSE:CRC) last released its quarterly earnings data on Thursday, August 4th. The company reported ($1.80) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.49) by $0.31. The business had revenue of $317 million for the quarter, compared to analysts’ expectations of $437.47 million. California Resources Corp. had a negative net margin of 195.30% and a negative return on equity of 42.69%. The firm’s revenue was down 50.4% compared to the same quarter last year. On average, equities analysts anticipate that California Resources Corp. will post ($6.72) earnings per share for the current year.
Separately, Zacks Investment Research upgraded shares of California Resources Corp. from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Tuesday, July 5th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $31.67.
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).
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