BNP Paribas Financial Markets Purchases 44,313 Shares of California Resources Corporation $CRC

BNP Paribas Financial Markets raised its position in shares of California Resources Corporation (NYSE:CRC) by 22.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 242,393 shares of the oil and gas producer’s stock after buying an additional 44,313 shares during the quarter. BNP Paribas Financial Markets’ holdings in California Resources were worth $10,837,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Clearstead Advisors LLC boosted its position in shares of California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 226 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of California Resources during the 3rd quarter worth about $36,000. Allworth Financial LP boosted its position in shares of 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 in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of California Resources by 21.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer’s stock worth $73,000 after purchasing an additional 236 shares in the last quarter. Finally, Quadrant Capital Group LLC bought a new position in shares of California Resources during the 3rd quarter worth about $78,000. Institutional investors own 97.79% of the company’s stock.

Insider Activity at California Resources

In other California Resources news, EVP Christopher D. Gould sold 24,347 shares of California Resources stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the transaction, the executive vice president owned 131,537 shares of the company’s stock, valued at $8,182,916.77. This trade represents a 15.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total transaction of $734,423.76. Following the transaction, the executive vice president directly owned 171,331 shares in the company, valued at approximately $10,567,696.08. This represents a 6.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

California Resources Price Performance

CRC stock opened at $60.04 on Tuesday. The company has a market capitalization of $5.33 billion, a P/E ratio of -11.55 and a beta of 0.91. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. California Resources Corporation has a 52-week low of $43.24 and a 52-week high of $71.98. The business has a 50-day simple moving average of $63.74 and a two-hundred day simple moving average of $56.42.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The business had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. During the same quarter in the previous year, the business earned $1.07 EPS. The company’s quarterly revenue was down 87.0% on a year-over-year basis. Research analysts expect that California Resources Corporation will post 5.56 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, May 29th will be given a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.62 annualized dividend and a dividend yield of 2.7%. California Resources’s dividend payout ratio (DPR) is currently -31.15%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company increased their price objective on shares of California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Weiss Ratings cut shares of California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. Barclays increased their price objective on shares of California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, Citigroup raised shares of California Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $74.00 to $78.00 in a research report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $73.50.

California Resources Company 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.