LSV Asset Management Has $22.76 Million Position in California Resources Corporation $CRC

LSV Asset Management cut its position in California Resources Corporation (NYSE:CRC) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 509,091 shares of the oil and gas producer’s stock after selling 12,109 shares during the period. LSV Asset Management’s holdings in California Resources were worth $22,761,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clearstead Advisors LLC boosted its position 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 in the last quarter. FNY Investment Advisers LLC acquired a new position in California Resources in the third quarter valued at about $36,000. Allworth Financial LP boosted its position in California Resources by 328.6% in the third quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock valued at $41,000 after buying an additional 598 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in California Resources by 242.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock valued at $67,000 after buying an additional 1,045 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in California Resources by 21.1% in the third quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer’s stock valued at $73,000 after buying an additional 236 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Price Performance

Shares of CRC stock opened at $62.10 on Monday. California Resources Corporation has a 1 year low of $41.13 and a 1 year high of $71.98. The firm’s 50 day moving average is $64.49 and its 200-day moving average is $55.38. The firm has a market capitalization of $5.51 billion, a price-to-earnings ratio of -11.94 and a beta of 0.96. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting 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 analyst estimates of $947.50 million. During the same period in the prior year, the business earned $1.07 earnings per share. California Resources’s quarterly revenue was down 87.0% on a year-over-year basis. Sell-side analysts forecast that California Resources Corporation will post 5.56 EPS for the current fiscal year.

California Resources Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Zacks Research upgraded shares of California Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 27th. Wells Fargo & Company boosted their price target on shares of California Resources from $72.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, March 17th. Citigroup upgraded 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. TD Cowen upgraded shares of California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Finally, Wall Street Zen upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research report on Monday, April 6th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, California Resources presently has a consensus rating of “Buy” and an average target price of $71.20.

Insider Buying and Selling at California Resources

In related news, VP Noelle M. Repetti sold 8,564 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total transaction of $545,612.44. Following the completion of the sale, the vice president directly owned 7,684 shares of the company’s stock, valued at $489,547.64. The trade was a 52.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Omar Hayat sold 23,000 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the sale, the chief operating officer directly owned 82,236 shares of the company’s stock, valued at approximately $5,416,885.32. This trade represents a 21.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 72,283 shares of company stock valued at $4,636,646. 0.53% of the stock is currently owned by corporate 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.