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

Channing Capital Management LLC purchased a new position in shares of California Resources Corporation (NYSE:CRC) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 116,670 shares of the oil and gas producer’s stock, valued at approximately $6,205,000. Channing Capital Management LLC owned approximately 0.14% of California Resources at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Salomon & Ludwin LLC bought a new position in California Resources during the 3rd quarter valued at $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of California Resources in the 2nd quarter valued at about $35,000. Nomura Asset Management Co. Ltd. lifted its position in shares of California Resources by 97.9% during the second 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 during the last quarter. Nisa Investment Advisors LLC grew its stake in California Resources by 29.7% in the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 219 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in California Resources by 242.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock worth $67,000 after purchasing an additional 1,045 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

Shares of NYSE CRC opened at $59.27 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78. The firm has a market capitalization of $4.96 billion, a PE ratio of 13.78 and a beta of 1.15. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.03. The business’s fifty day moving average price is $49.53 and its two-hundred day moving average price is $49.49.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Barclays set a $65.00 target price on California Resources and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Zacks Research upgraded California Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday. Mizuho lifted their price objective on shares of California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research note on Monday, January 5th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $56.00 price target (down from $58.00) on shares of California Resources in a research report on Tuesday, December 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.90.

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.