Inceptionr LLC Makes New $640,000 Investment in California Resources Corporation $CRC

Inceptionr LLC acquired a new stake in California Resources Corporation (NYSE:CRC) during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 12,030 shares of the oil and gas producer’s stock, valued at approximately $640,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Clearstead Advisors LLC lifted its stake in California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 226 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in shares of California Resources during the third quarter worth about $29,000. Nomura Asset Management Co. Ltd. raised its stake in shares of California Resources by 97.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 460 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of California Resources by 29.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 219 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in California Resources by 242.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock worth $67,000 after buying an additional 1,045 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CRC shares. Wells Fargo & Company upped their target price on shares of California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, March 4th. Mizuho upped their target price on shares of California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Barclays raised their price objective on California Resources from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Finally, Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.90.

California Resources Stock Performance

CRC opened at $61.66 on Wednesday. The stock’s 50 day moving average price is $53.43 and its two-hundred day moving average price is $50.57. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $66.35. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $5.46 billion, a P/E ratio of 15.11 and a beta of 1.12.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The business had revenue of $924.00 million for the quarter, compared to the consensus estimate of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.91 EPS. 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 firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, March 13th. California Resources’s dividend payout ratio is 39.71%.

Insider Transactions at California Resources

In other news, VP Noelle M. Repetti sold 8,564 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $63.71, for a total value of $545,612.44. Following the sale, the vice president directly owned 7,684 shares in the company, valued at $489,547.64. The trade was a 52.71% 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. Also, Director Mark Allen Mcfarland sold 16,372 shares of the firm’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the completion of the transaction, the director directly owned 76,265 shares of the company’s stock, valued at $4,944,259.95. This represents a 17.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 47,936 shares of company stock valued at $3,122,019 over the last quarter. Corporate insiders own 0.63% of the company’s stock.

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.