SummerHaven Investment Management LLC Acquires New Stake in California Resources Corporation $CRC

SummerHaven Investment Management LLC acquired a new position in shares of California Resources Corporation (NYSE:CRC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 15,042 shares of the oil and gas producer’s stock, valued at approximately $789,000.

A number of other institutional investors also recently made changes to their positions in CRC. Bank of New York Mellon Corp purchased a new position in shares of California Resources during the 2nd quarter valued at approximately $63,205,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of California Resources in the first quarter worth $62,698,000. Bank of America Corp DE increased its stake in shares of California Resources by 57.1% in the first quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock worth $40,543,000 after buying an additional 212,827 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of California Resources by 12.8% in the first quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer’s stock worth $33,254,000 after buying an additional 54,703 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of California Resources by 20.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 282,711 shares of the oil and gas producer’s stock worth $18,667,000 after buying an additional 47,914 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Trading Up 2.1%

Shares of NYSE CRC opened at $54.27 on Friday. The stock’s 50 day moving average price is $53.47 and its two-hundred day moving average price is $56.90. California Resources Corporation has a 52-week low of $43.24 and a 52-week high of $71.98. The stock has a market capitalization of $4.82 billion, a P/E ratio of -39.90 and a beta of 1.02. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38.

California Resources (NYSE:CRC) last released its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The company’s quarterly revenue was up 33.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.10 EPS. On average, analysts anticipate that California Resources Corporation will post 4.03 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were given a dividend of $0.4050 per share. This represents a $1.62 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, September 4th. California Resources’s dividend payout ratio is currently -119.12%.

Insider Activity

In related news, EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction on Monday, October 12th. 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 directly owned 123,703 shares in the company, valued at $6,679,962. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 35,721 shares of company stock worth $1,928,934. Corporate insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CRC shares. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Seaport Research Partners began coverage on shares of California Resources in a research note on Thursday, September 3rd. They set a “neutral” rating on the stock. Weiss Ratings raised shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Stifel Nicolaus initiated coverage on shares of California Resources in a report on Thursday, September 10th. They set a “buy” rating and a $68.00 price objective for the company. Finally, Roth Capital reissued a “buy” rating and issued a $59.00 target price (up from $58.00) on shares of California Resources in a research report on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.44.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California’s energy and environmental objectives.

CRC’s operations are concentrated in California, with assets spanning several of the state’s major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.