California Resources Corporation $CRC Shares Sold by Levin Capital Strategies L.P.

Levin Capital Strategies L.P. trimmed its position in California Resources Corporation (NYSE:CRC) by 23.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,356 shares of the oil and gas producer’s stock after selling 17,986 shares during the quarter. Levin Capital Strategies L.P. owned about 0.07% of California Resources worth $2,665,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. American Century Companies Inc. boosted its holdings in California Resources by 10.7% in the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock valued at $113,274,000 after purchasing an additional 248,448 shares during the last quarter. Orbis Allan Gray Ltd raised its stake in shares of California Resources by 3.0% in the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock valued at $52,713,000 after acquiring an additional 34,593 shares during the period. Victory Capital Management Inc. raised its stake in shares of California Resources by 4.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer’s stock valued at $46,780,000 after acquiring an additional 44,938 shares during the period. Private Management Group Inc. raised its stake in shares of California Resources by 11.5% in the 1st quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer’s stock valued at $39,085,000 after acquiring an additional 91,737 shares during the period. Finally, DAVENPORT & Co LLC raised its stake in shares of California Resources by 1.6% in the 2nd quarter. DAVENPORT & Co LLC now owns 800,601 shares of the oil and gas producer’s stock valued at $36,563,000 after acquiring an additional 12,315 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Price Performance

Shares of CRC opened at $47.17 on Tuesday. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The firm’s 50 day moving average price is $51.07 and its 200 day moving average price is $46.92. The company has a market cap of $3.95 billion, a P/E ratio of 6.44 and a beta of 1.15. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $978.00 million during the quarter, compared to analysts’ expectations of $820.93 million. During the same quarter in the previous year, the business posted $0.60 EPS. The firm’s revenue was up 90.3% on a year-over-year basis. On average, research analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CRC. JPMorgan Chase & Co. boosted their price target on shares of California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. UBS Group boosted their price target on shares of California Resources from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, September 16th. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th. Roth Capital set a $63.00 price target on shares of California Resources in a research note on Monday, September 15th. Finally, Barclays upped their target price on shares of California Resources from $60.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and an average price target of $66.27.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.