Steamboat Capital Partners LLC Has $10.46 Million Stock Holdings in California Resources Corporation $CRC

Steamboat Capital Partners LLC cut its position in California Resources Corporation (NYSE:CRC) by 20.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 197,755 shares of the oil and gas producer’s stock after selling 49,410 shares during the quarter. California Resources accounts for 2.2% of Steamboat Capital Partners LLC’s investment portfolio, making the stock its 12th largest holding. Steamboat Capital Partners LLC’s holdings in California Resources were worth $10,455,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CRC. Dimensional Fund Advisors LP grew its position in California Resources by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock worth $186,968,000 after acquiring an additional 632,170 shares during the last quarter. California State Teachers Retirement System raised its position in California Resources by 5,203.8% in the 2nd quarter. California State Teachers Retirement System now owns 4,049,102 shares of the oil and gas producer’s stock valued at $214,076,000 after purchasing an additional 3,972,759 shares during the last quarter. State Street Corp raised its position in California Resources by 14.7% in the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer’s stock valued at $171,786,000 after purchasing an additional 491,751 shares during the last quarter. Victory Capital Management Inc. boosted its stake in California Resources by 200.7% in the fourth quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock worth $104,822,000 after purchasing an additional 1,564,866 shares in the last quarter. Finally, Sourcerock Group LLC boosted its stake in California Resources by 63.8% in the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after purchasing an additional 779,280 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was 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 135,610 shares in the company, valued at $7,322,940. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 35,721 shares of company stock valued at $1,928,934. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Mizuho increased their price objective on shares of California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 26th. Stephens set a $85.00 target price on shares of California Resources and gave the stock an “overweight” rating in a research report on Friday, July 17th. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Finally, UBS Group lowered their price target on shares of California Resources from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. One 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $72.27.

California Resources Price Performance

CRC opened at $55.43 on Wednesday. The company has a fifty day moving average price of $52.66 and a two-hundred day moving average price of $58.61. The firm has a market capitalization of $4.92 billion, a PE ratio of -40.76 and a beta of 0.90. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66.

California Resources (NYSE:CRC) last issued its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.California Resources’s quarterly revenue was up 33.0% on a year-over-year basis. During the same quarter last year, the business posted $1.10 EPS. As a group, analysts anticipate that California Resources Corporation will post 3.9 earnings per share for the current year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, September 4th. California Resources’s payout ratio is currently -119.12%.

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.