California Resources Corporation $CRC Shares Purchased by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp sharply increased its stake in California Resources, boosting holdings by 12,134% in the first quarter to 70,957 shares valued at about $4.9 million.
• The company reported Q1 earnings of $0.88 per share, matching analyst estimates, but revenue came in far below expectations at $119 million and was down 87% year over year.
• California Resources also paid a quarterly dividend of $0.405 per share, equating to an annualized yield of 3.1%, while analysts currently rate the stock a Moderate Buy with an average price target of $73.09.

Fifth Third Bancorp lifted its position in California Resources Corporation (NYSE:CRC - Free Report) by 12,134.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,957 shares of the oil and gas producer's stock after acquiring an additional 70,377 shares during the quarter. Fifth Third Bancorp owned 0.08% of California Resources worth $4,912,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rockefeller Capital Management L.P. increased its stake in 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 valued at $25,000 after purchasing an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in California Resources in the 4th quarter valued at about $26,000. Pinnacle Holdings LLC acquired a new position in California Resources during the 4th quarter valued at about $27,000. Valued Wealth Advisors LLC bought a new position in California Resources in the 1st quarter worth about $29,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of California Resources in the third quarter valued at approximately $36,000. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Price Performance

NYSE CRC opened at $52.80 on Friday. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The company has a market cap of $4.69 billion, a PE ratio of -10.15 and a beta of 0.92. The stock's 50-day moving average price is $56.83 and its two-hundred day moving average price is $57.89.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The business had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. During the same quarter in the previous year, the business earned $1.07 earnings per share. The firm's revenue was down 87.0% compared to the same quarter last year. On average, analysts predict that California Resources Corporation will post 4.02 EPS for the current year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were paid a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, May 29th. California Resources's dividend payout ratio is currently -31.15%.

Insiders Place Their Bets

In other news, EVP Jay A. Bys sold 11,907 shares of the company's stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president owned 159,424 shares in the company, valued at $8,608,896. This represents a 6.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRC. Citigroup cut their price target on California Resources from $78.00 to $70.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Mizuho increased their price target on California Resources from $86.00 to $87.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. UBS Group restated a "buy" rating and set a $70.00 price objective (down from $78.00) on shares of California Resources in a research report on Monday. Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a report on Tuesday, June 23rd. Finally, Weiss Ratings lowered shares of California Resources from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $73.09.

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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