Pacer Advisors Inc. Lowers Position in California Resources Corporation $CRC

Pacer Advisors Inc. decreased its holdings in shares of California Resources Corporation (NYSE:CRC) by 33.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 352,386 shares of the oil and gas producer’s stock after selling 179,978 shares during the period. Pacer Advisors Inc. owned approximately 0.40% of California Resources worth $24,392,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in CRC. Victory Capital Management Inc. grew its position in California Resources by 200.7% during the fourth quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock worth $104,822,000 after buying an additional 1,564,866 shares during the period. Channing Capital Management LLC grew its stake in California Resources by 1,263.4% in the 4th quarter. Channing Capital Management LLC now owns 1,590,707 shares of the oil and gas producer’s stock valued at $71,121,000 after acquiring an additional 1,474,037 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in California Resources in the 1st quarter valued at about $62,698,000. Sourcerock Group LLC increased its stake in shares of California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after purchasing an additional 779,280 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of California Resources by 155.8% in the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock worth $48,527,000 after acquiring an additional 647,190 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Stephens set a $85.00 price objective on shares of California Resources and gave the company an “overweight” rating in a research report on Friday, July 17th. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. UBS Group reiterated a “buy” rating and set a $70.00 price objective (down from $78.00) on shares of California Resources in a research note on Monday, July 13th. Barclays increased their price objective 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. Finally, Mizuho upped their price target on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and an average target price of $73.09.

California Resources Price Performance

Shares of NYSE CRC opened at $52.06 on Tuesday. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98. The business has a 50 day moving average price of $54.84 and a two-hundred day moving average price of $58.50. The firm has a market cap of $4.62 billion, a PE ratio of -10.01 and a beta of 0.93.

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

Insider Buying and Selling at California Resources

In related news, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction 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 sale, the executive vice president owned 159,424 shares in the company, valued at approximately $8,608,896. The trade was a 6.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.53% of the company’s stock.

California Resources Profile

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.