Public Sector Pension Investment Board Buys 78,389 Shares of California Resources Corporation $CRC

Public Sector Pension Investment Board boosted its stake in California Resources Corporation (NYSE:CRC) by 33.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 315,529 shares of the oil and gas producer’s stock after acquiring an additional 78,389 shares during the quarter. Public Sector Pension Investment Board owned 0.38% of California Resources worth $16,780,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC acquired a new stake in shares of California Resources in the 3rd quarter valued at about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in California Resources in the 2nd quarter valued at approximately $35,000. Nomura Asset Management Co. Ltd. boosted its position in California Resources by 97.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after acquiring an additional 460 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of California Resources by 29.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 219 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of California Resources by 242.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock worth $67,000 after acquiring an additional 1,045 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CRC shares. Barclays set a $65.00 target price on shares of California Resources and gave the company an “overweight” rating in a research report on Wednesday, January 21st. Wells Fargo & Company restated an “overweight” rating and issued a $56.00 price objective (down previously from $58.00) on shares of California Resources in a report on Tuesday, December 9th. TD Cowen raised California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Finally, Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average target price of $63.90.

California Resources Stock Performance

CRC opened at $56.95 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $58.41. The business has a 50 day moving average of $48.47 and a 200-day moving average of $49.13. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of 13.24 and a beta of 1.15.

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.