Squarepoint Ops LLC Has $3.48 Million Stock Position in California Resources Corporation $CRC

Key Points

• Squarepoint Ops LLC cut its California Resources position by 67.7% in the second quarter, selling 137,472 shares and retaining 65,720 shares worth approximately $3.48 million.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $71.92, despite mixed revisions including UBS lowering its target to $67.
• California Resources reported quarterly revenue of $1.30 billion, up 33% year over year, but missed earnings expectations with EPS of $0.99 versus the $1.36 consensus. The company also declared a quarterly dividend of $0.405 per share, implying a 2.9% yield.

Squarepoint Ops LLC reduced its position in California Resources Corporation (NYSE:CRC - Free Report) by 67.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,720 shares of the oil and gas producer's stock after selling 137,472 shares during the period. Squarepoint Ops LLC owned about 0.07% of California Resources worth $3,475,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its stake in California Resources by 363.6% in the 4th 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 during the period. Steward Partners Investment Advisory LLC acquired a new stake in California Resources during the 4th quarter valued at $26,000. Pinnacle Holdings LLC purchased a new stake in shares of California Resources in the fourth quarter valued at $27,000. Valued Wealth Advisors LLC acquired a new stake in shares of California Resources in the first quarter worth $29,000. Finally, EMC Capital Management acquired a new stake in shares of California Resources in the fourth quarter worth $42,000. Institutional investors and hedge funds own 97.79% of the company's stock.

Analyst Ratings Changes

CRC has been the topic of a number of research analyst reports. UBS Group lowered their price target on California Resources from $70.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Seaport Research Partners started coverage on California Resources in a research report on Thursday, September 3rd. They set a "neutral" rating for the company. Zacks Research raised California Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 26th. Finally, Stephens set a $85.00 target price on California Resources and gave the company an "overweight" rating in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.92.

Insider Buying and Selling

In other California Resources news, EVP Jay Bys sold 11,907 shares of the business's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president owned 135,610 shares in the company, valued at $7,322,940. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,721 shares of company stock valued at $1,928,934 in the last quarter. Insiders own 0.53% of the company's stock.

California Resources Stock Up 0.8%

CRC stock opened at $56.71 on Friday. The company has a 50 day moving average of $52.97 and a two-hundred day moving average of $58.55. The company has a market cap of $5.04 billion, a price-to-earnings ratio of -41.70 and a beta of 0.90. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The company had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $960.20 million. During the same quarter in the prior year, the firm earned $1.10 earnings per share. The company's revenue was up 33.0% on a year-over-year basis. On average, equities analysts anticipate that California Resources Corporation will post 3.9 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a yield of 2.9%. California Resources's dividend payout ratio (DPR) is presently -119.12%.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an energy company focused on developing and producing oil and natural gas resources in California. Its operations include exploration, drilling, production, processing and marketing of crude oil, natural gas and natural gas liquids, primarily for customers in the California market.

The company's assets are located in several of California's major petroleum-producing regions, including the San Joaquin, Los Angeles and Sacramento basins. California Resources also manages related infrastructure and mineral interests associated with its production operations.

In addition to conventional energy production, California Resources has pursued carbon management opportunities through its Carbon TerraVault platform.

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