Impala Asset Management LLC Acquires Shares of 25,000 California Resources Corporation $CRC

Impala Asset Management LLC acquired a new stake in California Resources Corporation (NYSE:CRC) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 25,000 shares of the oil and gas producer’s stock, valued at approximately $1,730,000. California Resources comprises approximately 0.8% of Impala Asset Management LLC’s investment portfolio, making the stock its 20th largest position.

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

California Resources Stock Performance

Shares of CRC opened at $53.83 on Thursday. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. The firm has a market cap of $4.78 billion, a PE ratio of -10.35 and a beta of 0.92. California Resources Corporation has a 12 month low of $43.24 and a 12 month high of $71.98. The stock has a fifty day moving average price of $56.44 and a 200-day moving average price of $58.17.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting 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 firm had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. During the same period in the previous year, the business earned $1.07 EPS. The firm’s revenue for the quarter was down 87.0% on a year-over-year basis. Equities research analysts predict that California Resources Corporation will post 4.02 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, May 29th. California Resources’s dividend payout ratio (DPR) is currently -31.15%.

Insider Buying and Selling at California Resources

In other news, EVP Jay A. Bys sold 11,907 shares of the company’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president owned 159,424 shares in the company, valued at $8,608,896. This represents a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CRC shares. Barclays increased their target price on shares of California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. UBS Group restated a “buy” rating and issued a $70.00 price target (down from $78.00) on shares of California Resources in a report on Monday, July 13th. Mizuho upped 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. Citigroup dropped their price objective on shares of California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Finally, Stephens set a $85.00 price objective on shares of California Resources and gave the company an “overweight” rating in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $73.09.

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.