Adams Asset Advisors LLC Has $2,462,000 Position in California Resources Corp. (CRC)
Adams Asset Advisors LLC boosted its stake in shares of California Resources Corp. (NYSE:CRC) by 23.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (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 owned 0.48% of California Resources Corp. worth $2,462,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Fort Washington Investment Advisors Inc OH purchased a new stake in California Resources Corp. during the second quarter valued at approximately $127,000. Societe Generale purchased a new stake in California Resources Corp. during the second quarter valued at approximately $156,000. Virginia Retirement Systems ET AL purchased a new stake in California Resources Corp. during the second quarter valued at approximately $166,000. Princeton Alpha Management LP purchased a new stake in California Resources Corp. during the second quarter valued at approximately $180,000. Finally, Highbridge Capital Management LLC purchased a new stake in California Resources Corp. during the second quarter valued at approximately $185,000. Hedge funds and other institutional investors own 81.80% of the company’s stock.
California Resources Corp. (NYSE:CRC) traded down 14.09% on Monday, reaching $13.05. 3,839,682 shares of the company traded hands. The stock’s market capitalization is $537.88 million. California Resources Corp. has a 1-year low of $2.81 and a 1-year high of $42.50. The stock’s 50-day moving average is $12.35 and its 200-day moving average is $12.63.
California Resources Corp. (NYSE:CRC) last issued its earnings results on Thursday, November 3rd. The company reported ($1.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.55) by $0.20. California Resources Corp. had a negative return on equity of 42.69% and a negative net margin of 176.16%. Equities research analysts expect that California Resources Corp. will post ($7.29) EPS for the current year.
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CRC has been the subject of several research analyst reports. Morgan Stanley upgraded shares of California Resources Corp. from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $18.00 to $21.00 in a research note on Tuesday, November 22nd. Zacks Investment Research lowered shares of California Resources Corp. from a “hold” rating to a “sell” rating in a research note on Monday, October 10th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $23.50.
About California Resources Corp.
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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