Janus Henderson Group PLC Purchases 54,703 Shares of California Resources Corporation $CRC

Key Points

• Janus Henderson increased its California Resources stake by 12.8% in the first quarter, purchasing 54,703 shares to own 480,413 shares valued at approximately $33.3 million. Institutional investors collectively hold 97.79% of CRC’s stock.
• California Resources reported quarterly EPS of $0.88, matching analyst estimates, but revenue fell 87% year over year to $119 million. The company maintains a quarterly dividend of $0.405 per share, representing a 3.1% annualized yield.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $73.09 versus the stock’s recent price of $52.54, although some firms have recently lowered targets or downgraded the shares.

Janus Henderson Group PLC lifted its position in shares of California Resources Corporation (NYSE:CRC - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 480,413 shares of the oil and gas producer's stock after buying an additional 54,703 shares during the quarter. Janus Henderson Group PLC owned about 0.54% of California Resources worth $33,254,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CRC. Vanguard Group Inc. boosted its position in California Resources by 6.4% during the fourth quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer's stock valued at $392,335,000 after acquiring an additional 529,814 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of California Resources by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer's stock worth $186,968,000 after acquiring an additional 632,170 shares in the last quarter. State Street Corp lifted its stake in shares of California Resources by 14.7% in the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer's stock valued at $171,786,000 after purchasing an additional 491,751 shares during the period. Victory Capital Management Inc. lifted its stake in shares of California Resources by 200.7% in the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer's stock valued at $104,822,000 after purchasing an additional 1,564,866 shares during the period. Finally, Sourcerock Group LLC boosted its position in shares of California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer's stock valued at $91,370,000 after purchasing an additional 779,280 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

California Resources Stock Performance

Shares of California Resources stock opened at $52.54 on Monday. The business has a 50-day simple moving average of $55.04 and a 200 day simple moving average of $58.46. California Resources Corporation has a one year low of $43.24 and a one year high of $71.98. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of -10.10 and a beta of 0.93.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.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 prior year, the company earned $1.07 earnings per share. The company's quarterly revenue was down 87.0% on a year-over-year basis. On average, research analysts anticipate that California Resources Corporation will post 4.02 earnings per share for the current fiscal year.

California Resources Announces Dividend

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

Wall Street Analyst Weigh In

CRC has been the subject of a number of research analyst reports. Mizuho lifted their target price on California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. 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. Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. UBS Group reiterated a "buy" rating and issued a $70.00 price objective (down from $78.00) on shares of California Resources in a research note on Monday, July 13th. Finally, Zacks Research downgraded shares of California Resources from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.09.

Insider Transactions at California Resources

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the business's stock in a transaction on Monday, July 13th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president owned 159,424 shares in the company, valued at approximately $8,608,896. The trade was a 6.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.53% of the company's stock.

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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