Masters Capital Management LLC purchased a new position in California Resources Corp (NYSE:CRC) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,000,000 shares of the oil and gas producer’s stock, valued at approximately $19,440,000. Masters Capital Management LLC owned approximately 2.33% of California Resources at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. New York State Common Retirement Fund raised its position in California Resources by 38.8% in the 2nd quarter. New York State Common Retirement Fund now owns 45,470 shares of the oil and gas producer’s stock worth $389,000 after buying an additional 12,699 shares during the last quarter. Northern Trust Corp increased its holdings in California Resources by 19.5% in the 2nd quarter. Northern Trust Corp now owns 518,850 shares of the oil and gas producer’s stock worth $4,436,000 after acquiring an additional 84,823 shares in the last quarter. Vanguard Group Inc. increased its holdings in California Resources by 4.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock worth $15,803,000 after acquiring an additional 84,072 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in California Resources in the 2nd quarter worth approximately $1,285,000. Finally, Voya Investment Management LLC increased its holdings in California Resources by 41.6% in the 2nd quarter. Voya Investment Management LLC now owns 19,162 shares of the oil and gas producer’s stock worth $164,000 after acquiring an additional 5,631 shares in the last quarter. Institutional investors own 75.11% of the company’s stock.
In other California Resources news, Director Harry T. Mcmahon purchased 35,530 shares of the company’s stock in a transaction on Thursday, March 1st. The stock was acquired at an average cost of $14.18 per share, for a total transaction of $503,815.40. Following the purchase, the director now directly owns 48,773 shares of the company’s stock, valued at approximately $691,601.14. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.91% of the company’s stock.
California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, February 26th. The oil and gas producer reported ($0.33) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.54) by $0.21. The business had revenue of $455.00 million during the quarter, compared to the consensus estimate of $540.57 million. During the same quarter in the previous year, the company earned ($1.76) earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. sell-side analysts anticipate that California Resources Corp will post -2.59 EPS for the current fiscal year.
Several equities research analysts recently issued reports on CRC shares. Societe Generale raised shares of California Resources from a “hold” rating to a “buy” rating and increased their target price for the stock from $17.91 to $25.00 in a report on Friday, February 9th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating in a report on Tuesday, January 16th. Zacks Investment Research lowered shares of California Resources from a “buy” rating to a “hold” rating in a report on Monday, December 18th. Goldman Sachs Group raised shares of California Resources from a “sell” rating to a “neutral” rating and set a $27.50 target price for the company in a report on Thursday, February 1st. Finally, Imperial Capital raised shares of California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 target price for the company in a report on Monday, February 12th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. California Resources has an average rating of “Hold” and an average target price of $23.42.
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About California Resources
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).
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