Y Intercept Hong Kong Ltd Takes Position in California Resources Corporation $CRC

Key Points

• Y Intercept Hong Kong Ltd acquired 76,082 shares of California Resources, worth approximately $4.02 million, giving it a 0.09% stake. Institutional investors collectively own 97.79% of CRC.
• California Resources reported quarterly revenue of $1.30 billion, up 33% year over year and above estimates, but adjusted EPS of $0.99 missed consensus by $0.37. Analysts maintain a “Moderate Buy” consensus with an average price target of $72.55.
• CRC is expanding its midstream operations through a planned $63 million acquisition of Crimson Midstream’s California pipeline platform, while hedging contracts and the earnings miss remain near-term concerns. The company also announced a $0.405 quarterly dividend, implying a 3.0% annual yield.

Y Intercept Hong Kong Ltd acquired a new position in California Resources Corporation (NYSE:CRC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 76,082 shares of the oil and gas producer's stock, valued at approximately $4,022,000. Y Intercept Hong Kong Ltd owned 0.09% of California Resources as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. raised its position in shares of 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 valued at $25,000 after buying an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of California Resources during the 4th quarter valued at about $26,000. Pinnacle Holdings LLC purchased a new position in shares of California Resources during the fourth quarter valued at about $27,000. Valued Wealth Advisors LLC purchased a new position in shares of California Resources during the first quarter valued at about $29,000. Finally, EMC Capital Management bought a new stake in shares of California Resources in the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

More California Resources News

Here are the key news stories impacting California Resources this week:

• Positive Sentiment: UBS lowered its price target to $67 from $70 but maintained a Buy rating, implying approximately 25% upside from the referenced share price. The revised target remains supportive of CRC’s valuation despite more cautious estimates. Benzinga
• Positive Sentiment: Recent earnings-call coverage emphasized efficiency improvements, strategic midstream expansion and progress on carbon-capture and storage initiatives. These efforts could strengthen cash flow and diversify CRC beyond upstream oil and gas production. California Resources Corp Earnings Call Highlights Efficiency
• Positive Sentiment: CRC agreed to acquire a California oil-pipeline platform from Crimson Midstream for $63 million. The deal could expand the company’s midstream footprint, improve integration and create additional fee-based revenue opportunities. CRC to acquire Crimson Midstream’s California pipeline platform
• Neutral Sentiment: Executive Vice President Jay A. Bys sold 11,907 shares for about $643,000, reducing his position by 7.47%. Because the transaction was conducted under a pre-arranged Rule 10b5-1 plan, it may carry less negative signaling value than a discretionary insider sale. SEC Form 4 filing
• Negative Sentiment: CRC reported adjusted earnings of $0.99 per share, below the $1.36 consensus estimate. Revenue rose 33% year over year to $1.30 billion and exceeded forecasts, but the earnings shortfall remains a near-term overhang.
• Negative Sentiment: Analyst commentary noted that hedging contracts are reducing CRC’s ability to benefit from higher realized oil prices, limiting earnings power even as strategic initiatives advance. California Resources: Executing On Strategic Priorities But Hedges Sap Away Earnings Power

Wall Street Analysts Forecast Growth

CRC has been the subject of a number of research reports. Zacks Research lowered California Resources from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 15th. UBS Group lowered their target price on California Resources from $70.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday. Weiss Ratings upgraded shares of California Resources from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday. Mizuho upped their price target on shares of California Resources from $86.00 to $87.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Finally, Stephens set a $85.00 price objective on shares of California Resources and gave the company an "overweight" rating in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, California Resources has a consensus rating of "Moderate Buy" and an average target price of $72.55.

California Resources Stock Performance

CRC stock opened at $53.53 on Thursday. The business has a 50-day moving average price of $53.70 and a 200 day moving average price of $58.73. California Resources Corporation has a 1-year low of $43.24 and a 1-year high of $71.98. The company has a market capitalization of $4.75 billion, a P/E ratio of -39.36 and a beta of 0.93. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing analysts' consensus estimates of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $960.20 million. California Resources had a positive return on equity of 9.87% and a negative net margin of 3.79%.The firm's quarterly revenue was up 33.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.10 EPS. As a group, equities research analysts forecast that California Resources Corporation will post 4.02 EPS for the current fiscal year.

California Resources Dividend Announcement

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 paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Friday, September 4th. California Resources's payout ratio is -119.12%.

Insider Activity

In other news, EVP Jay A. Bys sold 11,907 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president owned 147,517 shares in the company, valued at approximately $7,965,918. The trade was a 7.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,721 shares of company stock worth $2,020,380 over the last 90 days. Corporate insiders own 0.53% of the company's stock.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source