Globeflex Capital L P Takes $1.30 Million Position in California Resources Corporation $CRC

Globeflex Capital L P purchased a new stake in shares of California Resources Corporation (NYSE:CRC - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 24,519 shares of the oil and gas producer's stock, valued at approximately $1,296,000.

Other institutional investors have also added to or reduced their stakes in the company. UBS Group AG raised its stake in shares of California Resources by 51.5% during the fourth quarter. UBS Group AG now owns 1,471,090 shares of the oil and gas producer's stock valued at $65,772,000 after acquiring an additional 499,845 shares in the last quarter. Saber Capital Managment LLC bought a new position in California Resources in the fourth quarter worth approximately $4,111,000. Bank of America Corp DE grew its stake in California Resources by 57.1% in the first quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer's stock worth $40,543,000 after purchasing an additional 212,827 shares in the last quarter. Vanguard Group Inc. increased its holdings in California Resources by 6.4% during the 4th quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer's stock worth $392,335,000 after purchasing an additional 529,814 shares during the period. Finally, Geode Capital Management LLC increased its holdings in California Resources by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 1,853,246 shares of the oil and gas producer's stock worth $82,878,000 after purchasing an additional 141,836 shares during the period. Institutional investors own 97.79% of the company's stock.

Insider Transactions at California Resources

In related news, EVP Jay A. Bys sold 11,907 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the transaction, the executive vice president owned 147,517 shares in the company, valued at $7,965,918. This represents a 7.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,721 shares of company stock worth $2,020,380 over the last quarter. Company insiders own 0.53% of the company's stock.

California Resources Price Performance

Shares of NYSE CRC opened at $52.38 on Tuesday. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98. The business's 50 day moving average price is $52.84 and its 200 day moving average price is $58.82. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The firm has a market cap of $4.65 billion, a P/E ratio of -38.52 and a beta of 0.93.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly 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). The business had revenue of $1.30 billion during the quarter, compared to analysts' expectations of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. California Resources's revenue for the quarter was up 33.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.10 earnings per share. On average, sell-side analysts expect that California Resources Corporation will post 3.63 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a dividend of $0.405 per share. The ex-dividend date is Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a yield of 3.1%. California Resources's dividend payout ratio is currently -119.12%.

Analyst Ratings Changes

A number of research firms recently weighed in on CRC. UBS Group lowered their price objective on shares of California Resources from $70.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. Citigroup cut their target price on shares of California Resources from $78.00 to $70.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Mizuho boosted their price target 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. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Finally, Barclays set a $74.00 price objective on shares of California Resources and gave the company an "overweight" rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $72.27.

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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