ArrowMark Colorado Holdings LLC Has $12.16 Million Position in California Resources Corp (NYSE:CRC)

ArrowMark Colorado Holdings LLC reduced its holdings in shares of California Resources Corp (NYSE:CRC) by 24.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 625,654 shares of the oil and gas producer’s stock after selling 200,000 shares during the period. ArrowMark Colorado Holdings LLC owned approximately 1.46% of California Resources worth $12,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in CRC. Barnett & Company Inc. grew its stake in California Resources by 306.9% during the 4th quarter. Barnett & Company Inc. now owns 5,701 shares of the oil and gas producer’s stock valued at $111,000 after purchasing an additional 4,300 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in California Resources by 5.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after purchasing an additional 743 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in California Resources during the 3rd quarter valued at about $117,000. Voya Investment Management LLC grew its stake in California Resources by 41.6% during the 2nd quarter. Voya Investment Management LLC now owns 19,162 shares of the oil and gas producer’s stock valued at $164,000 after purchasing an additional 5,631 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in California Resources during the 3rd quarter valued at about $164,000. 73.90% of the stock is currently owned by institutional investors.

CRC has been the topic of several research analyst reports. Zacks Investment Research downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Monday, December 18th. Bank of America upgraded California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price target on the stock in a research note on Thursday, January 4th. Societe Generale downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Goldman Sachs upgraded California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price target on the stock in a research note on Thursday, February 1st. Finally, Imperial Capital upgraded California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 target price on the stock in a research note on Monday, February 12th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $23.42.

In related news, Director Harry T. Mcmahon bought 35,530 shares of the stock in a transaction dated Thursday, March 1st. The shares were purchased at an average price of $14.18 per share, for a total transaction of $503,815.40. Following the completion of the purchase, the director now directly owns 48,773 shares of the company’s stock, valued at $691,601.14. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.91% of the stock is owned by corporate insiders.

Shares of CRC traded down $1.07 during mid-day trading on Monday, reaching $16.08. The company had a trading volume of 1,510,506 shares, compared to its average volume of 1,718,802. California Resources Corp has a 52-week low of $6.47 and a 52-week high of $25.06. The company has a quick ratio of 0.58, a current ratio of 0.66 and a debt-to-equity ratio of -7.37. The company has a market capitalization of $735.77, a price-to-earnings ratio of -3.65 and a beta of 5.83.

California Resources (NYSE:CRC) last issued its earnings results on Monday, February 26th. The oil and gas producer reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.21. The company had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $540.57 million. During the same quarter in the previous year, the company earned ($1.76) EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. equities analysts anticipate that California Resources Corp will post -2.8 EPS for the current fiscal year.

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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).

Institutional Ownership by Quarter for California Resources (NYSE:CRC)

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