Great Lakes Advisors LLC Acquires New Position in California Resources Corporation $CRC

Key Points

• Great Lakes Advisors acquired 53,516 shares of California Resources in the second quarter, valued at approximately $2.83 million, while institutional investors and hedge funds collectively own 97.79% of the stock.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $72.27, despite UBS lowering its target to $67.
• California Resources reported quarterly revenue of $1.30 billion, up 33% year over year, but earnings per share of $0.99 missed estimates of $1.36. The company also declared a quarterly dividend of $0.405 per share, implying a 3.0% annualized yield.

Great Lakes Advisors LLC acquired a new position in shares of California Resources Corporation (NYSE:CRC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 53,516 shares of the oil and gas producer's stock, valued at approximately $2,829,000. Great Lakes Advisors LLC owned 0.06% of California Resources at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CRC. Rockefeller Capital Management L.P. lifted its holdings in California Resources by 363.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock worth $25,000 after buying an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in California Resources during the 4th quarter worth $26,000. Pinnacle Holdings LLC acquired a new position in California Resources in the 4th quarter valued at about $27,000. Valued Wealth Advisors LLC acquired a new position in shares of California Resources in the first quarter valued at approximately $29,000. Finally, EMC Capital Management purchased a new position in California Resources during the 4th quarter worth $42,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 147,517 shares of the company's stock, valued at $7,965,918. This represents a 7.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,721 shares of company stock worth $2,020,380 over the last 90 days. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently commented on CRC shares. UBS Group reduced 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. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Barclays set a $74.00 price objective on shares of California Resources and gave the stock an "overweight" rating in a research note on Monday. Mizuho lifted their price target on shares of California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Finally, Stephens set a $85.00 target price on shares of California Resources and gave the company an "overweight" rating in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, California Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $72.27.

California Resources Stock Down 0.8%

NYSE:CRC opened at $53.34 on Friday. California Resources Corporation has a 1-year low of $43.24 and a 1-year high of $71.98. 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 $4.74 billion, a price-to-earnings ratio of -39.22 and a beta of 0.93. The business's fifty day moving average price is $53.02 and its 200 day moving average price is $58.83.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. During the same quarter in the prior year, the company posted $1.10 EPS. The company's quarterly revenue was up 33.0% on a year-over-year basis. On average, sell-side analysts forecast that California Resources Corporation will post 3.53 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 given a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, September 4th. California Resources's dividend payout ratio (DPR) is currently -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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