Sei Investments Co. Buys 48,997 Shares of California Resources Corporation $CRC

Sei Investments Co. grew its stake in shares of California Resources Corporation (NYSE:CRC) by 45.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 157,798 shares of the oil and gas producer’s stock after purchasing an additional 48,997 shares during the period. Sei Investments Co.’s holdings in California Resources were worth $10,923,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Harbor Capital Advisors Inc. grew its holdings in California Resources by 394.2% during the fourth quarter. Harbor Capital Advisors Inc. now owns 25,017 shares of the oil and gas producer’s stock worth $1,119,000 after buying an additional 19,955 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of California Resources by 2,349.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 234,797 shares of the oil and gas producer’s stock worth $10,892,000 after buying an additional 225,210 shares in the last quarter. UBS Group AG lifted its holdings in California Resources by 51.5% during the fourth quarter. UBS Group AG now owns 1,471,090 shares of the oil and gas producer’s stock worth $65,772,000 after acquiring an additional 499,845 shares during the period. SG Americas Securities LLC boosted its holdings in shares of California Resources by 107.6% in the 4th quarter. SG Americas Securities LLC now owns 28,300 shares of the oil and gas producer’s stock worth $1,265,000 after buying an additional 14,665 shares during the last quarter. Finally, Saber Capital Managment LLC purchased a new stake in California Resources during the fourth quarter worth about $4,111,000. Institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRC. Weiss Ratings cut shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 14th. Citigroup decreased their target price on California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. UBS Group restated a “buy” rating and issued a $70.00 target price (down from $78.00) on shares of California Resources in a research note on Monday, July 13th. Mizuho upped their price target on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Barclays increased their price target on California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.09.

Insiders Place Their Bets

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

California Resources Price Performance

Shares of NYSE CRC opened at $52.54 on Friday. 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 fifty-two week low of $43.24 and a fifty-two week high of $71.98. The stock has a market cap of $4.66 billion, a PE ratio of -10.10 and a beta of 0.92. The stock has a fifty day moving average of $55.04 and a 200-day moving average of $58.37.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting the consensus estimate of $0.88. The business had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The firm’s revenue was down 87.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 EPS. Equities research analysts anticipate that California Resources Corporation will post 4.02 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were paid 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 3.1%. California Resources’s payout ratio is currently -31.15%.

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.