Intech Investment Management LLC Grows Position in California Resources Corporation $CRC

Intech Investment Management LLC raised its holdings in shares of California Resources Corporation (NYSE:CRC) by 111.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 48,570 shares of the oil and gas producer’s stock after purchasing an additional 25,550 shares during the quarter. Intech Investment Management LLC’s holdings in California Resources were worth $2,172,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of California Resources by 6.4% during the fourth quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer’s stock worth $392,335,000 after buying an additional 529,814 shares in the last quarter. Dimensional Fund Advisors LP grew 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 buying an additional 474,521 shares in the last quarter. American Century Companies Inc. boosted its position in shares of California Resources by 5.6% during the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock valued at $159,882,000 after acquiring an additional 159,708 shares during the last quarter. Sourcerock Group LLC boosted its position in shares of 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 valued at $91,370,000 after acquiring an additional 779,280 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of California Resources by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 1,853,246 shares of the oil and gas producer’s stock valued at $82,878,000 after acquiring an additional 141,836 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Trading Up 1.1%

NYSE CRC opened at $62.38 on Thursday. The firm’s 50-day moving average is $64.16 and its two-hundred day moving average is $56.17. California Resources Corporation has a 12 month low of $43.24 and a 12 month high of $71.98. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The stock has a market capitalization of $5.54 billion, a P/E ratio of -12.00 and a beta of 0.90.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting analysts’ consensus estimates of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The company had revenue of $119.00 million for the quarter, compared to analysts’ expectations of $947.50 million. During the same quarter in the prior year, the company posted $1.07 earnings per share. California Resources’s revenue for the quarter was down 87.0% compared to the same quarter last year. On average, sell-side analysts anticipate that California Resources Corporation will post 5.56 earnings per share for the current year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, May 29th will be given a $0.405 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.62 dividend on an annualized basis and a yield of 2.6%. California Resources’s dividend payout ratio is presently -31.15%.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRC. Mizuho boosted their price target on shares of California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Weiss Ratings cut shares of California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. TD Cowen raised shares of California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Citigroup raised shares of California Resources from a “neutral” rating to a “buy” rating and boosted their price target for the company from $74.00 to $78.00 in a research report on Wednesday, May 20th. Finally, UBS Group set a $78.00 price target on shares of California Resources and gave the company a “buy” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $73.50.

Insider Buying and Selling at California Resources

In other California Resources news, EVP Christopher D. Gould sold 24,347 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total value of $1,514,626.87. Following the transaction, the executive vice president owned 131,537 shares of the company’s stock, valued at $8,182,916.77. This represents a 15.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Mark Allen Mcfarland sold 16,372 shares of the company’s stock in a transaction dated 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 in the company, valued at $4,944,259.95. The trade was a 17.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 63,719 shares of company stock valued at $4,091,034 over the last 90 days. 0.53% of the stock is owned by insiders.

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.