Channing Capital Management LLC Purchases Shares of 116,670 California Resources Corporation $CRC

Channing Capital Management LLC acquired a new position in shares of California Resources Corporation (NYSE:CRC) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 116,670 shares of the oil and gas producer’s stock, valued at approximately $6,205,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CRC. AQR Capital Management LLC raised its stake in California Resources by 89.1% during the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock valued at $2,046,000 after acquiring an additional 21,923 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of California Resources by 6.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after purchasing an additional 2,394 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of California Resources by 38.2% during the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after purchasing an additional 181,833 shares in the last quarter. Empowered Funds LLC lifted its holdings in California Resources by 3.8% in the first quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock worth $2,233,000 after purchasing an additional 1,857 shares during the period. Finally, Intech Investment Management LLC grew its position in California Resources by 17.7% in the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock valued at $1,401,000 after buying an additional 4,783 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

California Resources Stock Performance

Shares of NYSE CRC opened at $59.27 on Friday. The stock’s fifty day simple moving average is $49.53 and its 200 day simple moving average is $49.49. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of 13.78 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. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $60.03.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wells Fargo & Company restated an “overweight” rating and set a $56.00 price target (down from $58.00) on shares of California Resources in a research report on Tuesday, December 9th. TD Cowen upgraded California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Barclays set a $65.00 price target on California Resources and gave the company an “overweight” rating in a research report on Wednesday, January 21st. UBS Group set a $63.00 price objective on California Resources and gave the company a “buy” rating in a report on Monday, January 26th. Finally, Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.90.

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.