53,516 Shares in California Resources Corporation $CRC Bought by Great Lakes Advisors LLC

Great Lakes Advisors LLC bought a new stake in California Resources Corporation (NYSE:CRC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 53,516 shares of the oil and gas producer’s stock, valued at approximately $2,829,000.

Several other institutional investors have also modified their holdings of the business. Federated Hermes Inc. boosted its holdings in shares of California Resources by 4.3% in the fourth quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock valued at $209,000 after buying an additional 195 shares during the period. Quadrant Capital Group LLC boosted its holdings in shares of California Resources by 14.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after buying an additional 214 shares during the last quarter. iA Global Asset Management Inc. lifted its stake in California Resources by 4.4% in the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock valued at $243,000 after acquiring an additional 230 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in California Resources by 13.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock worth $155,000 after purchasing an additional 268 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in California Resources by 8.8% during the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock worth $281,000 after buying an additional 327 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. Barclays set a $74.00 target price on California Resources and gave the stock an “overweight” rating in a report on Monday. Stephens set a $85.00 price target on California Resources and gave the company an “overweight” rating in a research note on Friday, July 17th. Zacks Research downgraded California Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Finally, Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, California Resources has an average rating of “Moderate Buy” and an average target price of $72.27.

Insider Buying and Selling at California Resources

In related news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president directly owned 147,517 shares in the company, valued at approximately $7,965,918. The trade was a 7.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,721 shares of company stock valued at $2,020,380 in the last three months. 0.53% of the stock is currently owned by insiders.

California Resources Price Performance

NYSE:CRC opened at $53.34 on Friday. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of -39.22 and a beta of 0.93. The firm’s 50-day simple moving average is $53.02 and its 200 day simple moving average is $58.83. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.37). The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.California Resources’s revenue for the quarter was up 33.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.10 EPS. As a group, sell-side analysts predict that California Resources Corporation will post 3.53 earnings per share for the current year.

California Resources Dividend Announcement

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

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.