California Resources Corporation $CRC Position Lowered by Pacer Advisors Inc.

Pacer Advisors Inc. trimmed its position in California Resources Corporation (NYSE:CRC) by 33.8% in the first quarter, Holdings Channel reports. The firm owned 352,386 shares of the oil and gas producer’s stock after selling 179,978 shares during the quarter. Pacer Advisors Inc.’s holdings in California Resources were worth $24,392,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRC. Rockefeller Capital Management L.P. raised its stake in California Resources by 363.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of California Resources in the 4th quarter valued at approximately $26,000. Pinnacle Holdings LLC bought a new stake in shares of California Resources in the 4th quarter valued at approximately $27,000. Valued Wealth Advisors LLC bought a new stake in shares of California Resources in the 1st quarter valued at approximately $29,000. Finally, EMC Capital Management acquired a new stake in shares of California Resources during the 4th quarter valued at approximately $42,000. 97.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Citigroup reduced their price objective on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Barclays raised their price target on shares of California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Mizuho lifted their price target on shares of California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, Zacks Research downgraded shares of California Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.09.

Insider Activity at California Resources

In related news, EVP Jay A. Bys sold 11,907 shares of the firm’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 159,424 shares of the company’s stock, valued at approximately $8,608,896. This trade represents a 6.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.53% of the company’s stock.

California Resources Stock Performance

Shares of NYSE CRC opened at $52.06 on Tuesday. The stock has a fifty day moving average price of $54.84 and a two-hundred day moving average price of $58.50. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The firm has a market cap of $4.62 billion, a P/E ratio of -10.01 and a beta of 0.93. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.88. The firm had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The firm’s quarterly revenue was down 87.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.07 earnings per share. Research analysts forecast that California Resources Corporation will post 4.02 EPS for the current fiscal year.

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.