SG Americas Securities LLC Buys 14,665 Shares of California Resources Corporation $CRC

SG Americas Securities LLC boosted its stake in shares of California Resources Corporation (NYSE:CRC) by 107.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,300 shares of the oil and gas producer’s stock after buying an additional 14,665 shares during the period. SG Americas Securities LLC’s holdings in California Resources were worth $1,265,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRC. Sourcerock Group LLC increased its position in California Resources by 63.8% during the 2nd 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 in the last quarter. Invesco Ltd. increased its position in California Resources by 155.8% during the 2nd 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 in the last quarter. Dimensional Fund Advisors LP increased its position in California Resources by 15.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,549,636 shares of the oil and gas producer’s stock valued at $188,776,000 after buying an additional 474,521 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of California Resources by 461.5% in the 2nd quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock worth $25,440,000 after purchasing an additional 457,835 shares in the last quarter. Finally, Orion Porfolio Solutions LLC increased its holdings in shares of California Resources by 5,657.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 411,239 shares of the oil and gas producer’s stock worth $18,781,000 after purchasing an additional 404,096 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CRC. Royal Bank Of Canada set a $70.00 target price on California Resources in a report on Monday, January 5th. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Pickering Energy Partners lowered California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Barclays lifted their target price on California Resources from $67.00 to $72.00 and gave the stock an “overweight” rating in a report on Monday, March 16th. Finally, Zacks Research raised California Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, March 27th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, California Resources presently has an average rating of “Buy” and an average price target of $70.50.

California Resources Stock Performance

CRC stock opened at $68.45 on Wednesday. The company has a market cap of $6.07 billion, a P/E ratio of 16.78 and a beta of 1.04. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $71.98. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.79. The stock’s fifty day moving average price is $60.84 and its 200-day moving average price is $52.49.

California Resources (NYSE:CRC) last released its quarterly 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). The firm had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the business earned $0.91 earnings per share. On average, equities analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 13th were paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, March 13th. California Resources’s dividend payout ratio (DPR) is 39.71%.

Insider Transactions at California Resources

In other news, COO Omar Hayat sold 23,000 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $65.87, for a total value of $1,515,010.00. Following the transaction, the chief operating officer directly owned 82,236 shares in the company, valued at $5,416,885.32. This trade represents a 21.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Christopher D. Gould sold 24,347 shares of California Resources stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total value of $1,514,626.87. Following the transaction, the executive vice president owned 131,537 shares in the company, valued at $8,182,916.77. This trade represents a 15.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 72,283 shares of company stock valued at $4,636,646. Corporate insiders own 0.53% of the company’s stock.

California Resources 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.