Principal Financial Group Inc. Has $24.92 Million Stock Position in California Resources Corporation $CRC

Principal Financial Group Inc. lifted its stake in shares of California Resources Corporation (NYSE:CRC) by 23.9% during the third quarter, Holdings Channel.com reports. The firm owned 468,669 shares of the oil and gas producer’s stock after acquiring an additional 90,466 shares during the period. Principal Financial Group Inc.’s holdings in California Resources were worth $24,924,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of research firms have weighed in on CRC. Royal Bank Of Canada set a $70.00 price objective on shares of California Resources in a research note on Monday, January 5th. Barclays set a $65.00 price target on shares of California Resources and gave the company an “overweight” rating in a research report on Wednesday, January 21st. Mizuho boosted their price objective on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Wells Fargo & Company reissued an “overweight” rating and issued a $56.00 price objective (down from $58.00) on shares of California Resources in a research note on Tuesday, December 9th. Finally, Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and an average target price of $63.90.

California Resources Price Performance

California Resources stock opened at $55.51 on Friday. The stock has a market cap of $4.65 billion, a P/E ratio of 12.91 and a beta of 1.15. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average price is $47.63 and its two-hundred day moving average price is $48.92. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $58.41.

California Resources Company 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.