SG Americas Securities LLC Cuts Stake in California Resources Corporation $CRC

Key Points

• SG Americas Securities LLC cut its stake in California Resources by 87% in the first quarter, leaving it with 3,680 shares valued at about $255,000.
• California Resources reported Q1 earnings of $0.88 per share, matching estimates, but revenue came in far below expectations at $119 million and fell 87% year over year.
• The company recently paid a quarterly dividend of $0.405 per share and analysts currently rate the stock a Moderate Buy with an average price target of $72.70.

SG Americas Securities LLC lessened its position in California Resources Corporation (NYSE:CRC - Free Report) by 87.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,680 shares of the oil and gas producer's stock after selling 24,620 shares during the period. SG Americas Securities LLC's holdings in California Resources were worth $255,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CRC. Rockefeller Capital Management L.P. raised its holdings in California Resources by 363.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock worth $25,000 after purchasing an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in California Resources in the 4th quarter valued at approximately $26,000. Pinnacle Holdings LLC purchased a new stake in California Resources in the 4th quarter valued at approximately $27,000. FNY Investment Advisers LLC purchased a new stake in California Resources in the 3rd quarter valued at approximately $36,000. Finally, Allworth Financial LP increased its position in California Resources by 328.6% during the 3rd quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer's stock worth $41,000 after purchasing an additional 598 shares during the period. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Price Performance

CRC stock opened at $52.52 on Friday. The firm has a 50 day moving average of $57.97 and a 200-day moving average of $57.59. The company has a market cap of $4.66 billion, a price-to-earnings ratio of -10.10 and a beta of 0.92. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. 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 released its quarterly earnings data 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 firm had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.California Resources's quarterly revenue was down 87.0% on a year-over-year basis. During the same period last year, the business posted $1.07 EPS. As a group, equities analysts expect that California Resources Corporation will post 5.24 EPS for the current fiscal year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, May 29th were paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, May 29th. California Resources's payout ratio is -31.15%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group set a $78.00 target price on California Resources and gave the stock a "buy" rating in a research note on Monday, May 11th. Barclays lifted their price target on California Resources from $72.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Weiss Ratings cut California Resources from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. Mizuho raised their target price on California Resources from $86.00 to $87.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, Zacks Research lowered shares of California Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, California Resources presently has a consensus rating of "Moderate Buy" and an average target price of $72.70.

Insider Activity at California Resources

In related news, EVP Jay A. Bys sold 11,907 shares of the business's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $61.68, for a total value of $734,423.76. Following the sale, the executive vice president directly owned 171,331 shares in the company, valued at $10,567,696.08. The trade was a 6.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by corporate insiders.

About California Resources

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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