Arrowstreet Capital Limited Partnership Acquires New Position in California Resources Corporation $CRC

Arrowstreet Capital Limited Partnership acquired a new stake in shares of California Resources Corporation (NYSE:CRC) during the 1st quarter, Holdings Channel.com reports. The fund acquired 905,777 shares of the oil and gas producer’s stock, valued at approximately $62,698,000.

A number of other large investors also recently bought and sold shares of CRC. Rockefeller Capital Management L.P. boosted its holdings in California Resources by 363.6% in the fourth 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 bought a new position in California Resources in the fourth quarter worth about $26,000. Pinnacle Holdings LLC bought a new position in California Resources in the fourth quarter worth about $27,000. Valued Wealth Advisors LLC acquired a new position in California Resources in the first quarter valued at approximately $29,000. Finally, Allworth Financial LP boosted its stake in California Resources by 328.6% in the third quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock valued at $41,000 after acquiring an additional 598 shares during the period. Institutional investors own 97.79% of the company’s stock.

Insiders Place Their Bets

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the stock in a transaction on Monday, July 13th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the transaction, the executive vice president directly owned 159,424 shares of the company’s stock, valued at approximately $8,608,896. This trade represents a 6.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

CRC has been the topic of a number of research reports. Stephens set a $85.00 price target on California Resources and gave the stock an “overweight” rating in a research report on Friday, July 17th. Mizuho boosted their price objective on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Zacks Research downgraded California Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. Weiss Ratings downgraded California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 14th. Finally, Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.09.

California Resources Stock Performance

Shares of CRC opened at $53.37 on Monday. The firm has a 50-day moving average price of $56.18 and a 200 day moving average price of $58.28. The firm has a market capitalization of $4.74 billion, a PE ratio of -10.26 and a beta of 0.92. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. California Resources Corporation has a 52-week low of $43.24 and a 52-week high of $71.98.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting analysts’ consensus estimates of $0.88. The company had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. California Resources’s revenue was down 87.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS. On average, sell-side analysts anticipate that California Resources Corporation will post 4.02 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were issued a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.62 annualized dividend and a yield of 3.0%. California Resources’s payout ratio is presently -31.15%.

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.