California Resources Corporation $CRC Shares Acquired by Clark Capital Management Group Inc.

Clark Capital Management Group Inc. lifted its holdings in shares of California Resources Corporation (NYSE:CRC) by 16.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 102,081 shares of the oil and gas producer’s stock after purchasing an additional 14,217 shares during the quarter. Clark Capital Management Group Inc. owned about 0.12% of California Resources worth $5,429,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clearstead Advisors LLC boosted its stake in California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after buying an additional 226 shares during the period. Salomon & Ludwin LLC purchased a new stake in shares of California Resources in the 3rd quarter valued at approximately $29,000. Nomura Asset Management Co. Ltd. raised its stake in shares of California Resources by 97.9% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock valued at $42,000 after acquiring an additional 460 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of California Resources by 29.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 219 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of California Resources by 242.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock worth $67,000 after acquiring an additional 1,045 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Trading Up 2.6%

Shares of CRC stock opened at $63.08 on Tuesday. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $66.35. The company has a 50 day moving average price of $54.80 and a 200 day moving average price of $50.92. The stock has a market capitalization of $5.59 billion, a P/E ratio of 15.46 and a beta of 1.11. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 0.89.

California Resources (NYSE:CRC) last released its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The business had revenue of $924.00 million for the quarter, compared to analyst estimates of $789.67 million. During the same quarter last year, the company earned $0.91 earnings per share. California Resources’s quarterly revenue was up 5.4% compared to the same quarter last year. Equities research analysts predict that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 13th will be paid a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, March 13th. California Resources’s dividend payout ratio (DPR) is presently 39.71%.

Insider Buying and Selling

In related news, VP Noelle M. Repetti sold 8,564 shares of California Resources stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $63.71, for a total value of $545,612.44. Following the completion of the transaction, the vice president directly owned 7,684 shares in the company, valued at approximately $489,547.64. This trade represents a 52.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark Allen Mcfarland sold 16,372 shares of the business’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $64.83, for a total value of $1,061,396.76. Following the transaction, the director directly owned 76,265 shares of the company’s stock, valued at $4,944,259.95. The trade was a 17.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 72,283 shares of company stock valued at $4,636,646. 0.63% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CRC has been the subject of several research reports. Wells Fargo & Company lifted their target price on shares of California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, March 4th. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Mizuho raised their price target on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Royal Bank Of Canada set a $70.00 price objective on California Resources in a research note on Monday, January 5th. Finally, UBS Group boosted their price objective on California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.40.

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.