California Resources Corporation $CRC Shares Bought by UBS Group AG

UBS Group AG boosted its position in shares of California Resources Corporation (NYSE:CRC) by 51.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,471,090 shares of the oil and gas producer’s stock after buying an additional 499,845 shares during the quarter. UBS Group AG’s holdings in California Resources were worth $65,772,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRC. Sourcerock Group LLC grew its position in California Resources by 63.8% during 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 buying an additional 779,280 shares during the period. Invesco Ltd. grew its holdings in California Resources by 155.8% in the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock valued at $48,527,000 after purchasing an additional 647,190 shares during the period. Vanguard Group Inc. grew 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 valued at $392,335,000 after purchasing an additional 529,814 shares during the period. Dimensional Fund Advisors LP grew its holdings in California Resources by 15.4% in the third quarter. Dimensional Fund Advisors LP now owns 3,549,636 shares of the oil and gas producer’s stock valued at $188,776,000 after purchasing an additional 474,521 shares during the period. Finally, Balyasny Asset Management L.P. grew its holdings in California Resources by 461.5% in the second quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock valued at $25,440,000 after purchasing an additional 457,835 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on CRC. Pickering Energy Partners lowered California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research report on Monday, January 5th. Barclays lifted their target price on shares of California Resources from $67.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, March 16th. Finally, Citigroup lifted their target price on shares of California Resources from $67.00 to $74.00 and gave the company a “neutral” rating in a research report on Monday, March 30th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $71.20.

California Resources Stock Performance

Shares of NYSE:CRC opened at $69.29 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.79. The business’s 50 day moving average price is $64.26 and its 200-day moving average price is $53.97. The firm has a market capitalization of $6.15 billion, a PE ratio of 16.98 and a beta of 0.96. California Resources Corporation has a 1 year low of $34.87 and a 1 year high of $71.98.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The firm had revenue of $924.00 million during the quarter, compared to analyst estimates of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The business’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. As a group, equities research analysts expect that California Resources Corporation will post 5.03 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 13th were given a dividend of $0.405 per share. The ex-dividend date was Friday, March 13th. This represents a $1.62 dividend on an annualized basis and a yield of 2.3%. California Resources’s payout ratio is presently 39.71%.

Insider Buying and Selling at California Resources

In related news, VP Noelle M. Repetti sold 8,564 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $63.71, for a total transaction of $545,612.44. Following the transaction, the vice president directly owned 7,684 shares in the company, valued at approximately $489,547.64. The trade was a 52.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Christopher D. Gould sold 24,347 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the transaction, the executive vice president owned 131,537 shares in the company, valued at $8,182,916.77. The trade was a 15.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 72,283 shares of company stock valued at $4,636,646. Insiders own 0.53% of the company’s stock.

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.