Saber Capital Managment LLC Takes Position in California Resources Corporation $CRC

Key Points

• Saber Capital Management disclosed a new position in California Resources, buying 91,941 shares worth about $4.1 million in the fourth quarter. The stake makes CRC its 8th-largest holding and represents about 3.4% of its portfolio.
• Institutional interest in CRC remains high, with several large investors significantly increasing their holdings, and institutions now own 97.79% of the company. Analysts are also mostly positive, with a consensus rating of Moderate Buy and an average price target of $73.50.
• California Resources recently reported quarterly EPS of $0.88, matching expectations, and it declared a quarterly dividend of $0.405 per share payable June 18. The stock opened at $58.45, below the consensus price target, and an executive also sold shares in a pre-arranged trading plan.

Saber Capital Managment LLC purchased a new stake in California Resources Corporation (NYSE:CRC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 91,941 shares of the oil and gas producer's stock, valued at approximately $4,111,000. California Resources accounts for approximately 3.4% of Saber Capital Managment LLC's holdings, making the stock its 8th biggest holding. Saber Capital Managment LLC owned 0.11% of California Resources at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CRC. Victory Capital Management Inc. boosted its holdings in shares of California Resources by 200.7% in the fourth 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 buying an additional 1,564,866 shares during the period. Channing Capital Management LLC boosted its holdings in shares of California Resources by 1,263.4% in the fourth quarter. Channing Capital Management LLC now owns 1,590,707 shares of the oil and gas producer's stock valued at $71,121,000 after buying an additional 1,474,037 shares during the period. Sourcerock Group LLC boosted its holdings in shares of California Resources by 63.8% in the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer's stock valued at $91,370,000 after buying an additional 779,280 shares during the period. Invesco Ltd. boosted its holdings in shares of California Resources by 155.8% in the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer's stock valued at $48,527,000 after buying an additional 647,190 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of California Resources by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer's stock valued at $186,968,000 after buying an additional 632,170 shares during the period. Institutional investors and hedge funds own 97.79% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. UBS Group set a $78.00 price target on shares of California Resources and gave the company a "buy" rating in a report on Monday, May 11th. Mizuho boosted their price objective on shares of California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Wall Street Zen raised shares of California Resources from a "hold" rating to a "buy" rating in a research report on Monday. Weiss Ratings lowered shares of California Resources from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. Finally, Citigroup raised shares of California Resources from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $74.00 to $78.00 in a research report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, California Resources currently has a consensus rating of "Moderate Buy" and an average price target of $73.50.

California Resources Stock Performance

Shares of CRC stock opened at $58.45 on Monday. The company's fifty day simple moving average is $62.94 and its 200-day simple moving average is $56.74. 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 firm has a market cap of $5.19 billion, a PE ratio of -11.24 and a beta of 0.91. California Resources Corporation has a 12 month low of $43.24 and a 12 month high of $71.98.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting 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 firm posted $1.07 earnings per share. The firm's revenue for the quarter was down 87.0% on a year-over-year basis. Equities research analysts expect that California Resources Corporation will post 5.56 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, May 29th will be paid a $0.405 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.62 dividend on an annualized basis and a yield of 2.8%. California Resources's dividend payout ratio (DPR) is currently -31.15%.

Insider Buying and Selling

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $61.68, for a total value of $734,423.76. Following the completion of the sale, the executive vice president owned 171,331 shares in the company, valued at $10,567,696.08. This trade represents a 6.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 corporate insiders.

California Resources Company 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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