Geode Capital Management LLC Purchases 141,836 Shares of California Resources Corporation $CRC

Geode Capital Management LLC lifted its position in California Resources Corporation (NYSE:CRC) by 8.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,853,246 shares of the oil and gas producer’s stock after buying an additional 141,836 shares during the quarter. Geode Capital Management LLC’s holdings in California Resources were worth $82,878,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CRC. AQR Capital Management LLC grew its stake in shares of California Resources by 89.1% in the first quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock valued at $2,046,000 after buying an additional 21,923 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of California Resources by 6.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after buying an additional 2,394 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of California Resources by 38.2% in the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after buying an additional 181,833 shares in the last quarter. Empowered Funds LLC grew its stake in shares of California Resources by 3.8% in the first quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock valued at $2,233,000 after buying an additional 1,857 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in shares of California Resources by 17.7% in the first quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock valued at $1,401,000 after buying an additional 4,783 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. TD Cowen raised shares of California Resources to a “strong-buy” rating in a research note on Monday, February 9th. Wells Fargo & Company raised their price target on California Resources from $72.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. UBS Group set a $78.00 price target on California Resources and gave the company a “buy” rating in a report on Monday, May 11th. Zacks Research downgraded California Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Finally, Weiss Ratings downgraded California Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $73.50.

Insiders Place Their Bets

In other news, EVP Christopher D. Gould sold 24,347 shares of California Resources stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the completion of the sale, the executive vice president owned 131,537 shares of the company’s stock, valued at approximately $8,182,916.77. This trade represents a 15.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total value of $734,423.76. Following the sale, the executive vice president directly owned 171,331 shares of the company’s stock, valued at $10,567,696.08. This represents a 6.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by company insiders.

California Resources Trading Up 0.1%

Shares of California Resources stock opened at $58.41 on Monday. California Resources Corporation has a 1 year low of $43.24 and a 1 year 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 company has a market capitalization of $5.19 billion, a price-to-earnings ratio of -11.23 and a beta of 0.90. The business has a fifty day simple moving average of $63.90 and a two-hundred day simple moving average of $56.33.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The company had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. During the same quarter last year, the firm earned $1.07 earnings per share. The company’s revenue was down 87.0% on a year-over-year basis. Research analysts forecast that California Resources Corporation will post 5.56 EPS for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.8%. California Resources’s dividend payout ratio (DPR) 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.