Oaktree Capital Management LP Trims Holdings in California Resources Corporation $CRC

Oaktree Capital Management LP decreased its position in shares of California Resources Corporation (NYSE:CRC) by 49.6% in the third quarter, HoldingsChannel reports. The firm owned 694,502 shares of the oil and gas producer’s stock after selling 682,251 shares during the quarter. Oaktree Capital Management LP’s holdings in California Resources were worth $36,934,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sourcerock Group LLC raised its position in California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after buying an additional 779,280 shares during the last quarter. Invesco Ltd. increased its stake in shares of California Resources by 155.8% in the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock worth $48,527,000 after acquiring an additional 647,190 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of California Resources by 15.4% during the third quarter. Dimensional Fund Advisors LP now owns 3,549,636 shares of the oil and gas producer’s stock worth $188,776,000 after purchasing an additional 474,521 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of California Resources by 461.5% during the second quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock worth $25,440,000 after purchasing an additional 457,835 shares during the last quarter. Finally, Orion Porfolio Solutions LLC lifted its position in California Resources by 5,657.2% during the second quarter. Orion Porfolio Solutions LLC now owns 411,239 shares of the oil and gas producer’s stock valued at $18,781,000 after purchasing an additional 404,096 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

CRC has been the topic of several recent research reports. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. UBS Group boosted their price objective on California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Royal Bank Of Canada set a $70.00 target price on California Resources in a research note on Monday, January 5th. Finally, Wall Street Zen lowered California Resources from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $66.90.

California Resources Stock Performance

CRC stock traded down $0.19 during midday trading on Friday, hitting $61.93. 72,839 shares of the stock traded hands, compared to its average volume of 875,490. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $66.35. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.79. The stock’s fifty day simple moving average is $54.15 and its 200-day simple moving average is $50.73. The firm has a market cap of $5.49 billion, a P/E ratio of 15.14 and a beta of 1.12.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm had revenue of $924.00 million during the quarter, compared to analyst estimates of $789.67 million. During the same quarter last year, the company posted $0.91 EPS. The company’s revenue was up 5.4% on a year-over-year basis. On average, analysts expect that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

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 given a dividend of $0.405 per share. The ex-dividend date is Friday, March 13th. This represents a $1.62 dividend on an annualized basis and a yield of 2.6%. California Resources’s dividend payout ratio is currently 39.71%.

Insiders Place Their Bets

In other news, Director Mark Allen Mcfarland sold 16,372 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The stock was 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 position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Noelle M. Repetti sold 8,564 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total value of $545,612.44. Following the transaction, the vice president owned 7,684 shares in the company, valued at $489,547.64. This trade represents a 52.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 72,283 shares of company stock worth $4,636,646. Company insiders own 0.03% of the company’s stock.

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.