California Resources Corporation $CRC Shares Newly Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management bought 36,760 shares of California Resources in the third quarter, worth approximately $1.87 million. Institutional investors and hedge funds collectively own 97.79% of the company.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $74.44, despite several recent target-price cuts.
• CRC shares opened at $53.48, while the company reported quarterly EPS of $0.99—below the $1.36 consensus estimate—on revenue of $1.30 billion, up 33% year over year. California Resources also pays a quarterly dividend of $0.405, implying a 3.0% annual yield.

Assenagon Asset Management S.A. purchased a new stake in California Resources Corporation (NYSE:CRC - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The firm purchased 36,760 shares of the oil and gas producer's stock, valued at approximately $1,867,000.

Several other institutional investors also recently bought and sold shares of CRC. Rockefeller Capital Management L.P. increased its position in shares of California Resources by 363.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock worth $25,000 after purchasing an additional 440 shares in the last quarter. Valued Wealth Advisors LLC purchased a new stake in shares of California Resources in the first quarter valued at approximately $29,000. Fortitude Family Office LLC grew its position in shares of California Resources by 1,073.6% in the third quarter. Fortitude Family Office LLC now owns 2,089 shares of the oil and gas producer's stock valued at $106,000 after purchasing an additional 1,911 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in California Resources during the second quarter worth $109,000. Finally, Farther Finance Advisors LLC boosted its stake in California Resources by 56.7% during the second quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas producer's stock worth $110,000 after buying an additional 755 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CRC. Citigroup dropped their target price on California Resources from $78.00 to $70.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. UBS Group reissued a "buy" rating and issued a $68.00 price target (down from $73.00) on shares of California Resources in a research note on Monday, October 12th. Seaport Research Partners assumed coverage on California Resources in a research report on Thursday, September 3rd. They set a "neutral" rating for the company. Barclays set a $74.00 price objective on shares of California Resources and gave the company an "overweight" rating in a report on Monday, August 17th. Finally, Zacks Research upgraded shares of California Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $74.44.

California Resources Stock Down 1.5%

California Resources stock opened at $53.48 on Thursday. California Resources Corporation has a twelve month low of $43.24 and a twelve month high of $71.98. The stock's fifty day simple moving average is $53.49 and its 200-day simple moving average is $56.53. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $4.75 billion, a P/E ratio of -39.32 and a beta of 1.02.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.37). The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The firm's revenue was up 33.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 earnings per share. As a group, equities analysts expect that California Resources Corporation will post 4.04 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.4050 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. California Resources's dividend payout ratio is currently -119.12%.

Insider Buying and Selling at California Resources

In other news, EVP Jay Bys sold 11,907 shares of the firm's stock in a transaction on Monday, October 12th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the sale, the executive vice president directly owned 123,703 shares in the company, valued at approximately $6,679,962. This trade represents a 8.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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. 0.53% of the stock is currently owned by company insiders.

About California Resources

California Resources Corporation NYSE: CRC is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state's San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.

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