Proficio Capital Partners LLC Takes Position in California Resources Corporation $CRC

Proficio Capital Partners LLC bought a new stake in California Resources Corporation (NYSE:CRC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,218 shares of the oil and gas producer’s stock, valued at approximately $540,000.

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

Insider Activity

In other news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the sale, the executive vice president owned 147,517 shares in the company, valued at approximately $7,965,918. The trade was a 7.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Stephens set a $85.00 target price on California Resources and gave the company an “overweight” rating in a research note on Friday, July 17th. Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 26th. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. UBS Group dropped their price objective on shares of California Resources from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Finally, Seaport Research Partners started coverage on shares of California Resources in a report on Thursday. They set a “neutral” rating for the company. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $72.27.

California Resources Trading Down 0.5%

Shares of CRC opened at $53.60 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The stock has a market cap of $4.76 billion, a PE ratio of -39.41 and a beta of 0.90. 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 simple moving average of $52.58 and a 200-day simple moving average of $58.69.

California Resources (NYSE:CRC) last announced its quarterly earnings results 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 company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. During the same period in the prior year, the firm earned $1.10 EPS. California Resources’s quarterly revenue was up 33.0% compared to the same quarter last year. On average, sell-side analysts predict that California Resources Corporation will post 3.63 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. California Resources’s dividend payout ratio (DPR) is presently -119.12%.

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.