Mackenzie Financial Corp increased its holdings in shares of California Resources Corp (NYSE:CRC) by 2.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,742,000 shares of the oil and gas producer’s stock after purchasing an additional 49,500 shares during the period. Mackenzie Financial Corp owned approximately 4.06% of California Resources worth $18,221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of the stock. Partnervest Advisory Services LLC purchased a new position in shares of California Resources during the third quarter worth $863,000. Commerzbank Aktiengesellschaft FI grew its position in California Resources by 137.3% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 512,168 shares of the oil and gas producer’s stock valued at $5,357,000 after buying an additional 296,361 shares during the period. Dimensional Fund Advisors LP grew its position in California Resources by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 153,318 shares of the oil and gas producer’s stock valued at $1,604,000 after buying an additional 3,079 shares during the period. Wells Fargo & Company MN grew its position in California Resources by 95.8% during the third quarter. Wells Fargo & Company MN now owns 49,371 shares of the oil and gas producer’s stock valued at $517,000 after buying an additional 24,159 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in California Resources during the third quarter valued at $294,000. 75.71% of the stock is owned by hedge funds and other institutional investors.
CRC has been the topic of several analyst reports. Morgan Stanley restated an “equal weight” rating on shares of California Resources in a research report on Saturday, September 16th. ValuEngine upgraded shares of California Resources from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 26th. Imperial Capital initiated coverage on shares of California Resources in a research report on Tuesday, October 3rd. They set an “in-line” rating and a $12.00 price target on the stock. Zacks Investment Research upgraded shares of California Resources from a “hold” rating to a “strong-buy” rating and set a $12.00 price target on the stock in a research report on Wednesday, October 18th. Finally, Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. Three analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $14.25.
California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.61) by $0.39. The firm had revenue of $455.00 million for the quarter, compared to analyst estimates of $476.87 million. During the same quarter in the prior year, the business posted ($1.75) EPS. The firm’s quarterly revenue was down .2% compared to the same quarter last year. equities analysts forecast that California Resources Corp will post -4.67 earnings per share for the current year.
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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