These Stocks Under $5 Are Poised To Explode

Finally, we have California-based oil and natural gas producer California Resources Corp (NYSE:CRC). Though the number of hedge funds covered by us that were long in the company went up by six during the second quarter from 31 at the end of March, and these funds owned 30.20% of all common stock of California Resources Corp (NYSE:CRC), the aggregate value of investors’ holdings in the company dropped by more than 30% to $703.87 million. Shares of California Resources Corp (NYSE:CRC) had a terrific bull run during the first four months of the year, however, they have more than halved since then and currently trade down by 44.24% year-to-date. This significant drop in the stock price might be the reason why analysts at Bank of America, who have a ‘Buy’ rating on the stock, lowered their price target on it to $12 from $15 last month, which nonetheless still represents substantial upside. Among the hedge funds covered by us, Billionaire Ken Griffin‘s Citadel Investment Group was one of the funds that reduced its stake in the company significantly during the quarter, as it sold over 2.85 million shares of the company to bring its total holding down to around 4.25 million shares at the end of June.

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