Advisors Preferred LLC Invests $1.51 Million in California Resources Corporation $CRC

Advisors Preferred LLC purchased a new stake in shares of California Resources Corporation (NYSE:CRC) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 28,295 shares of the oil and gas producer’s stock, valued at approximately $1,505,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRC. Salomon & Ludwin LLC purchased a new position in shares of California Resources in the third quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new position in California Resources during the 2nd quarter worth approximately $35,000. Nomura Asset Management Co. Ltd. increased its stake in California Resources by 97.9% in the 2nd 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 period. Nisa Investment Advisors LLC lifted its position 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 valued at $51,000 after purchasing an additional 219 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position 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 valued at $67,000 after purchasing an additional 1,045 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Stock Performance

Shares of CRC opened at $59.27 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. The stock has a market cap of $4.96 billion, a P/E ratio of 13.78 and a beta of 1.15. The business’s 50 day moving average price is $49.53 and its 200-day moving average price is $49.49. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.03.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $56.00 target price (down from $58.00) on shares of California Resources in a research note on Tuesday, December 9th. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. Barclays set a $65.00 target price on shares of California Resources and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Mizuho raised their target price on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Finally, UBS Group set a $63.00 price target on California Resources and gave the company a “buy” rating in a report on Monday, January 26th. 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’s stock. According to data from MarketBeat, 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.