California Resources Corporation $CRC Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC boosted its stake in California Resources by 111% in the fourth quarter, ending with 48,570 shares valued at about $2.17 million.
• Several other institutional investors also increased holdings, and 97.79% of CRC shares are owned by institutions and hedge funds, indicating heavy institutional interest.
• Analyst sentiment is mostly positive, with an average “Moderate Buy” rating and a consensus price target of $73.50; the company also recently declared a quarterly dividend of $0.405 per share.

Intech Investment Management LLC raised its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 111.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,570 shares of the oil and gas producer's stock after acquiring an additional 25,550 shares during the period. Intech Investment Management LLC owned approximately 0.06% of California Resources worth $2,172,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CRC. AQR Capital Management LLC lifted its stake in California Resources by 89.1% during the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer's stock valued at $2,046,000 after acquiring an additional 21,923 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in California Resources by 6.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer's stock valued at $1,832,000 after acquiring an additional 2,394 shares during the period. Goldman Sachs Group Inc. lifted its stake in California Resources by 38.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer's stock valued at $28,916,000 after acquiring an additional 181,833 shares during the period. Empowered Funds LLC lifted its stake in California Resources by 3.8% during the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer's stock valued at $2,233,000 after acquiring an additional 1,857 shares during the period. Finally, Strs Ohio acquired a new stake in California Resources during the 1st quarter valued at approximately $106,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at California Resources

In other news, Director Mark Allen Mcfarland sold 16,372 shares of the company's stock in a transaction on Friday, March 6th. The shares were sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the completion of the sale, the director owned 76,265 shares of the company's stock, valued at $4,944,259.95. This represents a 17.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christopher D. Gould sold 24,347 shares of the company's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the sale, the executive vice president directly owned 131,537 shares of the company's stock, valued at $8,182,916.77. The trade was a 15.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 63,719 shares of company stock valued at $4,091,034 over the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CRC shares. TD Cowen raised shares of California Resources to a "strong-buy" rating in a report on Monday, February 9th. Wall Street Zen raised shares of California Resources from a "hold" rating to a "buy" rating in a report on Saturday, May 30th. Mizuho lifted their target price on shares of California Resources from $86.00 to $87.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Zacks Research lowered shares of California Resources from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Finally, Wells Fargo & Company lifted their target price on shares of California Resources from $72.00 to $76.00 and gave the company an "overweight" rating in a report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $73.50.

California Resources Price Performance

Shares of NYSE CRC opened at $62.38 on Thursday. The firm has a market cap of $5.54 billion, a PE ratio of -12.00 and a beta of 0.90. The firm has a fifty day moving average of $64.16 and a 200 day moving average of $56.17. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. California Resources Corporation has a one year low of $43.24 and a one year high of $71.98.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting the consensus estimate of $0.88. The company had revenue of $119.00 million during the quarter, compared to analyst estimates of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The firm's revenue was down 87.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 EPS. As a group, research analysts predict that California Resources Corporation will post 5.56 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, May 29th. California Resources's payout ratio is presently -31.15%.

California Resources Company 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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