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California Resources: Activist Investors Finding More Value In Oil Explorers

California Resources (CRC) has rocketed off its 52-week lows, now up 65% with the help of a slight rebound in oil prices and a new activist hedge fund as a major investor. Soroban Capital took an active stake in CRC this week (per a 13D filing).

As far as activism in oil and gas, some activists are targeting derivative areas of the oil and gas market, choosing to stay away from the hard hit exploration and production players. ValueAct has taken an active stance at Baker Hughes (BHI) and Sandell Asset is trying to split up the pipeline operator TransCanada (TRP).

That's not to say that some hedge funds haven't taken a bold stance. This includes SPO Advisory at Oasis Petroleum (OAS) and Atlantic Investment taking an activist stake in Oil States (OIS), both stocks are up since the respective 13D filings. But Baker Street Capital got in a bit… Read More …