California Resources Corporation $CRC Holdings Reduced by Steamboat Capital Partners LLC

Key Points

• Steamboat Capital Partners cut its California Resources stake by 20% in the second quarter, selling 49,410 shares and retaining 197,755 shares worth approximately $10.5 million. Institutional investors and hedge funds collectively own 97.79% of CRC.
• Analyst sentiment remains positive, with an average rating of “Moderate Buy” and an average price target of $72.27, although several firms recently lowered their targets. Ratings include one Strong Buy, ten Buys and three Holds.
• CRC reported quarterly revenue of $1.30 billion, up 33% year over year, but earnings of $0.99 per share fell short of the $1.36 consensus estimate. The company declared a quarterly dividend of $0.405 per share, implying a 2.9% annualized yield.

Steamboat Capital Partners LLC trimmed its holdings in California Resources Corporation (NYSE:CRC - Free Report) by 20.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,755 shares of the oil and gas producer's stock after selling 49,410 shares during the quarter. California Resources comprises 2.2% of Steamboat Capital Partners LLC's portfolio, making the stock its 12th largest holding. Steamboat Capital Partners LLC owned about 0.22% of California Resources worth $10,455,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its stake in shares of California Resources by 4.3% during the fourth quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer's stock valued at $209,000 after acquiring an additional 195 shares during the period. Quadrant Capital Group LLC lifted its position in California Resources by 14.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer's stock worth $75,000 after purchasing an additional 214 shares during the period. iA Global Asset Management Inc. boosted its stake in California Resources by 4.4% during the 4th quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer's stock valued at $243,000 after purchasing an additional 230 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in California Resources by 13.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer's stock valued at $155,000 after purchasing an additional 268 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of California Resources by 8.8% in the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer's stock valued at $281,000 after buying an additional 327 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on CRC. Barclays set a $74.00 target price on shares of California Resources and gave the stock an "overweight" rating in a report on Monday, August 17th. Citigroup reduced their price objective on California Resources from $78.00 to $70.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. UBS Group reduced their price objective on California Resources from $70.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. Seaport Research Partners initiated coverage on California Resources in a research report on Thursday, September 3rd. They set a "neutral" rating on the stock. Finally, Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, California Resources presently has an average rating of "Moderate Buy" and an average target price of $72.27.

Insider Transactions at California Resources

In related news, EVP Jay Bys sold 11,907 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president owned 135,610 shares in the company, valued at approximately $7,322,940. This trade represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 35,721 shares of company stock valued at $1,928,934. Company insiders own 0.53% of the company's stock.

California Resources Stock Performance

Shares of CRC stock opened at $55.43 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98. The stock's 50-day moving average is $52.66 and its two-hundred day moving average is $58.61. The firm has a market cap of $4.92 billion, a P/E ratio of -40.76 and a beta of 0.90.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million. During the same period in the previous year, the company earned $1.10 earnings per share. The company's quarterly revenue was up 33.0% compared to the same quarter last year. Analysts predict that California Resources Corporation will post 3.9 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.405 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a yield of 2.9%. California Resources's dividend payout ratio is -119.12%.

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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