California Resources Corporation (CRC) Shares Bought by Geode Capital Management LLC
Geode Capital Management LLC increased its position in California Resources Corporation (NYSE:CRC) by 2.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 290,348 shares of the oil and gas producer’s stock after buying an additional 6,325 shares during the period. Geode Capital Management LLC’s holdings in California Resources Corporation were worth $4,366,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Oxford Asset Management bought a new stake in California Resources Corporation during the first quarter worth about $5,880,000. Acadian Asset Management LLC increased its stake in California Resources Corporation by 86.2% in the first quarter. Acadian Asset Management LLC now owns 250,011 shares of the oil and gas producer’s stock worth $3,759,000 after buying an additional 115,762 shares in the last quarter. Norges Bank bought a new stake in California Resources Corporation during the fourth quarter worth about $2,434,000. Commerzbank Aktiengesellschaft FI increased its stake in California Resources Corporation by 125.1% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 198,474 shares of the oil and gas producer’s stock worth $2,985,000 after buying an additional 110,296 shares in the last quarter. Finally, CarVal Investors LLC increased its stake in California Resources Corporation by 50.0% in the first quarter. CarVal Investors LLC now owns 300,000 shares of the oil and gas producer’s stock worth $4,512,000 after buying an additional 100,000 shares in the last quarter. 70.89% of the stock is owned by institutional investors.
Shares of California Resources Corporation (NYSE:CRC) traded up 0.87% during trading on Wednesday, reaching $6.92. 115,144 shares of the company were exchanged. California Resources Corporation has a 1-year low of $6.57 and a 1-year high of $23.42. The stock’s 50 day moving average is $7.85 and its 200 day moving average is $12.58. The company has a market capitalization of $295.98 million, a price-to-earnings ratio of 0.62 and a beta of 6.23.
California Resources Corporation (NYSE:CRC) last released its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported ($1.83) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by $0.20. The business had revenue of $516 million for the quarter, compared to analyst estimates of $450.17 million. During the same period in the prior year, the business earned ($1.80) EPS. The firm’s revenue was up 62.8% compared to the same quarter last year. Equities analysts anticipate that California Resources Corporation will post ($5.77) earnings per share for the current year.
A number of analysts have recently issued reports on CRC shares. Bank of America Corporation downgraded shares of California Resources Corporation from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $22.00 to $10.00 in a report on Friday, June 30th. Zacks Investment Research downgraded shares of California Resources Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Finally, BidaskClub downgraded shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, July 8th.
About California Resources Corporation
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).
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