Readystate Asset Management LP Invests $1.66 Million in California Resources Corporation $CRC

Key Points

• Readystate Asset Management bought 24,032 shares of California Resources, valued at approximately $1.66 million, during the first quarter. Institutional investors collectively own 97.79% of CRC’s outstanding shares.
• CRC shares were trading at $49.40, down 2.8%, while the company reported quarterly earnings of $0.88 per share, in line with estimates. Revenue fell 87% year over year to $119 million.
• California Resources declared a quarterly dividend of $0.405 per share, representing an annualized payout of $1.62 and a 3.3% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $73.09.

Readystate Asset Management LP purchased a new stake in shares of California Resources Corporation (NYSE:CRC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 24,032 shares of the oil and gas producer's stock, valued at approximately $1,663,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. grew 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 acquiring an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of California Resources in the 4th quarter worth approximately $26,000. Pinnacle Holdings LLC bought a new position in shares of California Resources during the fourth quarter valued at approximately $27,000. Valued Wealth Advisors LLC bought a new position in shares of California Resources during the first quarter valued at approximately $29,000. Finally, Allworth Financial LP increased its holdings in California Resources by 328.6% during the third quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer's stock valued at $41,000 after buying an additional 598 shares during the period. 97.79% of the stock is currently owned by institutional investors.

California Resources Trading Down 2.8%

NYSE:CRC opened at $49.40 on Wednesday. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98. The firm has a 50 day moving average of $55.68 and a 200 day moving average of $58.34. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of -9.50 and a beta of 0.92.

California Resources (NYSE:CRC - Get Free Report) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, meeting the consensus estimate of $0.88. The company had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. California Resources's revenue was down 87.0% compared to the same quarter last year. During the same period last year, the firm earned $1.07 earnings per share. As a group, sell-side analysts anticipate that California Resources Corporation will post 4.02 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, May 29th were given a $0.405 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.3%. California Resources's dividend payout ratio (DPR) is presently -31.15%.

Analyst Ratings Changes

CRC has been the subject of a number of analyst reports. Citigroup lowered 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. Weiss Ratings lowered California Resources from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, July 14th. Barclays upped their price objective on California Resources from $72.00 to $80.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 26th. Stephens set a $85.00 price objective on California Resources and gave the company an "overweight" rating in a research report on Friday, July 17th. Finally, UBS Group reiterated a "buy" rating and issued a $70.00 target price (down from $78.00) on shares of California Resources in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $73.09.

Insiders Place Their Bets

In related news, EVP Jay A. Bys sold 11,907 shares of the business's stock in a transaction on Monday, July 13th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president directly owned 159,424 shares in the company, valued at $8,608,896. The trade was a 6.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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.

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.

Want to see what other hedge funds are holding CRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for California Resources Corporation (NYSE:CRC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.