Inceptionr LLC Invests $640,000 in California Resources Corporation $CRC

Inceptionr LLC bought a new stake in shares of California Resources Corporation (NYSE:CRC) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,030 shares of the oil and gas producer’s stock, valued at approximately $640,000.

Several other hedge funds have also recently made changes to their positions in the business. Natixis Advisors LLC grew its stake in California Resources by 25.2% in the third quarter. Natixis Advisors LLC now owns 13,444 shares of the oil and gas producer’s stock valued at $715,000 after acquiring an additional 2,706 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of California Resources by 15.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,549,636 shares of the oil and gas producer’s stock worth $188,776,000 after purchasing an additional 474,521 shares during the period. Focus Partners Advisor Solutions LLC purchased a new stake in California Resources during the third quarter worth about $235,000. Kingsview Wealth Management LLC raised its holdings in shares of California Resources by 3.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 77,663 shares of the oil and gas producer’s stock worth $4,130,000 after purchasing an additional 2,757 shares during the period. Finally, Royce & Associates LP raised its stake in shares of California Resources by 5.5% in the third quarter. Royce & Associates LP now owns 21,301 shares of the oil and gas producer’s stock valued at $1,133,000 after buying an additional 1,111 shares during the period. 97.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CRC. Pickering Energy Partners cut shares of California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. UBS Group raised their price objective on shares of California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Barclays increased their target price on shares of California Resources from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Finally, Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.90.

Insider Buying and Selling at California Resources

In related news, Director Mark Allen Mcfarland sold 16,372 shares of the firm’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the completion of the transaction, the director directly owned 76,265 shares of the company’s stock, valued at approximately $4,944,259.95. This trade represents a 17.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Omar Hayat sold 23,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $65.87, for a total value of $1,515,010.00. Following the sale, the chief operating officer directly owned 82,236 shares in the company, valued at $5,416,885.32. This trade represents a 21.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 47,936 shares of company stock valued at $3,122,019. Insiders own 0.63% of the company’s stock.

California Resources Price Performance

CRC stock opened at $61.66 on Wednesday. The stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of 15.11 and a beta of 1.12. The firm’s 50-day moving average price is $53.43 and its two-hundred day moving average price is $50.57. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $66.35.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The company had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. During the same period in the prior year, the business posted $0.91 earnings per share. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, equities analysts predict that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, March 13th. California Resources’s payout ratio is currently 39.71%.

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.