BNP Paribas Arbitrage SA lifted its stake in shares of California Resources Corp (NYSE:CRC) by 55,235.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,407 shares of the oil and gas producer’s stock after purchasing an additional 9,390 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in California Resources were worth $242,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Virginia Retirement Systems ET AL grew its holdings in shares of California Resources by 85.2% during the 1st quarter. Virginia Retirement Systems ET AL now owns 71,100 shares of the oil and gas producer’s stock valued at $1,828,000 after purchasing an additional 32,700 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of California Resources during the 1st quarter valued at approximately $206,000. Truvestments Capital LLC bought a new stake in shares of California Resources during the 1st quarter valued at approximately $27,000. State of Alaska Department of Revenue bought a new stake in shares of California Resources during the 1st quarter valued at approximately $39,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in California Resources by 55.1% during the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 10,860 shares of the oil and gas producer’s stock worth $279,000 after buying an additional 3,860 shares during the period. 71.94% of the stock is currently owned by institutional investors.

CRC has been the topic of several recent research reports. ValuEngine downgraded shares of California Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Goldman Sachs Group downgraded shares of California Resources from a “neutral” rating to a “sell” rating and lifted their target price for the stock from $19.00 to $20.00 in a research report on Friday, April 12th. Mizuho initiated coverage on shares of California Resources in a research report on Thursday, March 28th. They set a “buy” rating and a $35.00 target price on the stock. Raymond James upgraded shares of California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 target price on the stock in a research report on Monday, May 13th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of California Resources from a “hold” rating to a “strong sell” rating in a research report on Monday, January 28th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $33.33.

In other news, Director William E. Albrecht sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the transaction, the director now owns 110,788 shares in the company, valued at approximately $2,215,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.50% of the stock is currently owned by insiders.

NYSE:CRC opened at $16.83 on Friday. California Resources Corp has a one year low of $13.48 and a one year high of $50.34. The company has a market cap of $1.09 billion, a P/E ratio of 13.25 and a beta of 4.56.

California Resources (NYSE:CRC) last posted its earnings results on Thursday, May 2nd. The oil and gas producer reported $0.63 EPS for the quarter, topping the consensus estimate of ($0.31) by $0.94. California Resources had a net margin of 8.36% and a negative return on equity of 18.81%. The business had revenue of $690.00 million for the quarter, compared to the consensus estimate of $635.00 million. During the same period last year, the company earned $0.18 EPS. The firm’s revenue was up 13.3% compared to the same quarter last year. Analysts predict that California Resources Corp will post 3.04 earnings per share for the current year.

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California Resources Company Profile

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

Further Reading: Cost of Goods Sold (COGS)

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

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