BNP Paribas Financial Markets Has $10.84 Million Stake in California Resources Corporation $CRC

Key Points

• BNP Paribas Financial Markets increased its stake in California Resources by 22.4% in the fourth quarter, holding 242,393 shares valued at about $10.84 million.
• California Resources reported Q1 earnings of $0.88 per share, matching Wall Street estimates, but revenue came in far below expectations at $119 million and was down 87% year over year.
• Analysts remain generally bullish on CRC, with several firms raising price targets; the stock currently carries a Moderate Buy consensus and an average target price of $73.50.

BNP Paribas Financial Markets boosted its holdings in California Resources Corporation (NYSE:CRC - Free Report) by 22.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 242,393 shares of the oil and gas producer's stock after purchasing an additional 44,313 shares during the quarter. BNP Paribas Financial Markets owned 0.29% of California Resources worth $10,837,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in CRC. American Century Companies Inc. raised its position in shares of California Resources by 5.6% in the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer's stock valued at $159,882,000 after buying an additional 159,708 shares in the last quarter. Channing Capital Management LLC acquired a new stake in shares of California Resources during the 3rd quarter worth approximately $6,205,000. Clayton Partners LLC increased its stake in California Resources by 35.2% in the third quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer's stock valued at $7,238,000 after acquiring an additional 35,461 shares during the last quarter. Quantbot Technologies LP acquired a new position in California Resources during the third quarter valued at approximately $3,281,000. Finally, Lombard Odier Asset Management USA Corp acquired a new position in California Resources during the third quarter valued at approximately $1,808,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Performance

NYSE CRC opened at $60.04 on Tuesday. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of -11.55 and a beta of 0.91. California Resources Corporation has a twelve month low of $43.24 and a twelve month high of $71.98. The stock has a fifty day simple moving average of $63.74 and a 200 day simple moving average of $56.42. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, meeting analysts' consensus estimates of $0.88. The business had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.California Resources's quarterly revenue was down 87.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 earnings per share. Sell-side analysts expect that California Resources Corporation will post 5.56 EPS for the current year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Friday, May 29th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, May 29th. California Resources's dividend payout ratio is presently -31.15%.

Analyst Upgrades and Downgrades

CRC has been the subject of several research analyst reports. Barclays boosted their price objective on shares of California Resources from $72.00 to $80.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. TD Cowen upgraded shares of California Resources to a "strong-buy" rating in a research report on Monday, February 9th. Wells Fargo & Company boosted their price objective on shares of California Resources from $72.00 to $76.00 and gave the company an "overweight" rating in a research report on Tuesday, March 17th. UBS Group set a $78.00 price target on shares of California Resources and gave the stock a "buy" rating in a report on Monday, May 11th. Finally, Citigroup upgraded shares of California Resources from a "neutral" rating to a "buy" rating and upped their price target for the stock from $74.00 to $78.00 in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, California Resources has a consensus rating of "Moderate Buy" and an average target price of $73.50.

Insiders Place Their Bets

In other California Resources news, EVP Christopher D. Gould sold 24,347 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the sale, the executive vice president owned 131,537 shares of the company's stock, valued at approximately $8,182,916.77. This represents a 15.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jay A. Bys sold 11,907 shares of the company's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $61.68, for a total transaction of $734,423.76. Following the sale, the executive vice president directly owned 171,331 shares in the company, valued at $10,567,696.08. This trade represents a 6.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.53% of the company's stock.

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.

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