Janus Henderson Group PLC Raises Position in California Resources Corporation $CRC

Janus Henderson Group PLC grew its stake in California Resources Corporation (NYSE:CRC) by 12.8% during the first quarter, Holdings Channel reports. The firm owned 480,413 shares of the oil and gas producer’s stock after purchasing an additional 54,703 shares during the period. Janus Henderson Group PLC’s holdings in California Resources were worth $33,254,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in California Resources by 13.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock valued at $155,000 after buying an additional 268 shares during the last quarter. California State Teachers Retirement System boosted its holdings in California Resources by 25.4% during the 1st quarter. California State Teachers Retirement System now owns 76,343 shares of the oil and gas producer’s stock worth $5,284,000 after acquiring an additional 15,486 shares during the last quarter. Readystate Asset Management LP bought a new stake in shares of California Resources in the 1st quarter worth $1,663,000. Empyrean Capital Partners LP bought a new stake in shares of California Resources in the 1st quarter worth $3,323,000. Finally, Maverick Capital Ltd. purchased a new stake in shares of California Resources in the first quarter valued at about $808,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Jay A. Bys sold 11,907 shares of the stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the transaction, the executive vice president directly owned 159,424 shares of the company’s stock, valued at $8,608,896. This represents a 6.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by insiders.

California Resources Trading Down 0.2%

Shares of California Resources stock opened at $52.54 on Monday. The firm has a market cap of $4.66 billion, a PE ratio of -10.10 and a beta of 0.93. 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 stock has a fifty day moving average price of $55.04 and a 200-day moving average price of $58.46.

California Resources (NYSE:CRC) last issued its quarterly 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. The company had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The firm’s quarterly revenue was down 87.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS. Equities research analysts anticipate that California Resources Corporation will post 4.02 EPS for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, May 29th were paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, May 29th. California Resources’s payout ratio is presently -31.15%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRC. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. UBS Group reaffirmed a “buy” rating and issued a $70.00 price objective (down from $78.00) on shares of California Resources in a research report on Monday, July 13th. Stephens set a $85.00 price objective on shares of California Resources and gave the company an “overweight” rating in a research note on Friday, July 17th. Barclays lifted their target price on shares of California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Finally, Zacks Research downgraded California Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $73.09.

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.