Fifth Third Bancorp Acquires 70,377 Shares of California Resources Corporation $CRC

Fifth Third Bancorp grew its holdings in California Resources Corporation (NYSE:CRC) by 12,134.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,957 shares of the oil and gas producer’s stock after acquiring an additional 70,377 shares during the period. Fifth Third Bancorp’s holdings in California Resources were worth $4,912,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in California Resources by 6.4% in 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 purchasing an additional 529,814 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of California Resources by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock valued at $186,968,000 after purchasing an additional 632,170 shares during the period. State Street Corp lifted its stake in shares of California Resources by 14.7% in the fourth quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer’s stock worth $171,786,000 after buying an additional 491,751 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of California Resources by 200.7% during the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock worth $104,822,000 after buying an additional 1,564,866 shares during the period. Finally, Sourcerock Group LLC grew its stake in California Resources by 63.8% in 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 buying an additional 779,280 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

CRC stock opened at $52.80 on Friday. The stock has a market cap of $4.69 billion, a PE ratio of -10.15 and a beta of 0.92. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The stock has a 50-day moving average price of $56.83 and a two-hundred day moving average price of $57.89. 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 released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting the consensus estimate 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 in the prior year, the firm posted $1.07 EPS. The firm’s revenue for the quarter was down 87.0% compared to the same quarter last year. Equities analysts forecast that California Resources Corporation will post 4.02 EPS for the current fiscal year.

California Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

CRC has been the topic of a number of research analyst reports. Weiss Ratings lowered California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday. Mizuho raised their price target on shares of California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Wall Street Zen downgraded shares of California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Barclays upped their price objective on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Finally, Citigroup lowered their price target on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.09.

Insider Transactions at California Resources

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction dated Monday, July 13th. The stock was 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 owned 159,424 shares of the company’s stock, valued at approximately $8,608,896. The trade was a 6.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 corporate insiders.

About California Resources

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.