Acadian Asset Management LLC Sells 59,517 Shares of California Resources Corporation (NYSE:CRC)

Acadian Asset Management LLC cut its stake in California Resources Corporation (NYSE:CRC) by 23.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 190,494 shares of the oil and gas producer’s stock after selling 59,517 shares during the period. Acadian Asset Management LLC owned 0.45% of California Resources Corporation worth $1,629,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of CRC. Bahl & Gaynor Inc. acquired a new stake in shares of California Resources Corporation during the first quarter valued at $956,000. Levin Capital Strategies L.P. increased its position in shares of California Resources Corporation by 7.9% in the first quarter. Levin Capital Strategies L.P. now owns 30,007 shares of the oil and gas producer’s stock valued at $451,000 after buying an additional 2,203 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of California Resources Corporation by 12.6% in the first quarter. Ameriprise Financial Inc. now owns 12,152 shares of the oil and gas producer’s stock valued at $182,000 after buying an additional 1,356 shares in the last quarter. Karp Capital Management Corp purchased a new position in shares of California Resources Corporation during the first quarter valued at about $182,000. Finally, Swiss National Bank increased its position in shares of California Resources Corporation by 8.1% in the first quarter. Swiss National Bank now owns 67,789 shares of the oil and gas producer’s stock valued at $1,020,000 after buying an additional 5,100 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

California Resources Corporation (NYSE:CRC) traded up 2.87% during midday trading on Friday, hitting $6.81. 906,541 shares of the company were exchanged. California Resources Corporation has a one year low of $6.50 and a one year high of $23.42. The stock has a market capitalization of $291.28 million, a PE ratio of 0.61 and a beta of 6.23. The firm’s 50-day moving average price is $7.62 and its 200-day moving average price is $12.39.

California Resources Corporation (NYSE:CRC) last posted its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported ($1.83) EPS for the quarter, missing the consensus estimate of ($1.63) by $0.20. The firm had revenue of $516 million during the quarter, compared to analysts’ expectations of $450.17 million. During the same quarter in the prior year, the business earned ($1.80) earnings per share. The firm’s revenue for the quarter was up 62.8% on a year-over-year basis. Equities research analysts anticipate that California Resources Corporation will post ($5.77) earnings per share for the current year.

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CRC has been the subject of several analyst reports. Bank of America Corporation downgraded shares of California Resources Corporation from a “neutral” rating to an “underperform” rating and cut their price target for the company from $22.00 to $10.00 in a report on Friday, June 30th. BidaskClub downgraded shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 8th. Finally, Zacks Investment Research downgraded shares of California Resources Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th.

California Resources Corporation 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 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).

Institutional Ownership by Quarter for California Resources Corporation (NYSE:CRC)

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