Readystate Asset Management LP Purchases 58,223 Shares of California Resources Corporation $CRC

Readystate Asset Management LP increased its position in shares of California Resources Corporation (NYSE:CRC) by 242.3% during the 2nd quarter, Holdings Channel reports. The firm owned 82,255 shares of the oil and gas producer’s stock after purchasing an additional 58,223 shares during the quarter. Readystate Asset Management LP’s holdings in California Resources were worth $4,349,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Valued Wealth Advisors LLC purchased a new stake in California Resources in the 1st quarter valued at about $29,000. Rockefeller Capital Management L.P. boosted its stake in shares of California Resources by 363.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in shares of California Resources in the 4th quarter worth approximately $26,000. Pinnacle Holdings LLC bought a new position in shares of California Resources in the fourth quarter valued at approximately $27,000. Finally, EMC Capital Management bought a new position in shares of California Resources in the fourth quarter valued at approximately $42,000. 97.79% of the stock is owned by institutional investors.

Insider Activity at California Resources

In other news, EVP Jay Bys sold 11,907 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president owned 147,517 shares of the company’s stock, valued at $7,965,918. This represents a 7.47% decrease in their position. The sale was disclosed in a 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 owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Citigroup dropped their price target on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Barclays set a $74.00 target price on California Resources and gave the company an “overweight” rating in a research report on Monday, August 17th. Mizuho lifted their target price on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.27.

California Resources Trading Up 0.0%

Shares of CRC stock opened at $54.23 on Monday. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The firm has a market cap of $4.82 billion, a P/E ratio of -39.87 and a beta of 0.90. The company has a 50 day moving average of $52.58 and a 200-day moving average of $58.64. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $960.20 million. During the same quarter in the previous year, the company posted $1.10 EPS. California Resources’s revenue for the quarter was up 33.0% on a year-over-year basis. Sell-side analysts anticipate that California Resources Corporation will post 3.9 earnings per share for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.405 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.62 annualized dividend and a dividend yield of 3.0%. California Resources’s payout ratio is presently -119.12%.

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.