Unison Advisors LLC Takes Position in California Resources Corporation $CRC

Unison Advisors LLC bought a new stake in California Resources Corporation (NYSE:CRC) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 15,307 shares of the oil and gas producer’s stock, valued at approximately $684,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Clearstead Advisors LLC boosted its holdings in California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after acquiring an additional 226 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of California Resources during the third quarter valued at approximately $29,000. FNY Investment Advisers LLC acquired a new position in shares of California Resources during the third quarter worth approximately $36,000. Allworth Financial LP raised its position in shares of California Resources by 328.6% during the third quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock worth $41,000 after purchasing an additional 598 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of California Resources by 29.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 219 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRC has been the subject of a number of recent research reports. Zacks Research upgraded shares of California Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 27th. Citigroup raised their price objective on shares of California Resources from $67.00 to $74.00 and gave the company a “neutral” rating in a research note on Monday, March 30th. UBS Group lifted their price objective on shares of California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research report on Monday, January 5th. Finally, Mizuho upped their target price on shares of California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $70.50.

Insider Transactions at California Resources

In other California Resources news, Director Mark Allen Mcfarland sold 16,372 shares of the stock in a transaction on Friday, March 6th. The stock was 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 represents a 17.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Noelle M. Repetti sold 8,564 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $63.71, for a total value of $545,612.44. Following the completion of the sale, the vice president directly owned 7,684 shares of the company’s stock, valued at $489,547.64. This represents a 52.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 72,283 shares of company stock valued at $4,636,646 in the last three months. 0.03% of the stock is currently owned by company insiders.

California Resources Price Performance

CRC opened at $67.66 on Monday. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $71.98. The firm has a 50-day moving average of $60.12 and a 200 day moving average of $52.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 0.89. The firm has a market cap of $6.00 billion, a P/E ratio of 16.58 and a beta of 1.04.

California Resources (NYSE:CRC) last released its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). California Resources had a net margin of 9.89% and a return on equity of 10.23%. The company had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The firm’s revenue was up 5.4% compared to the same quarter last year. On average, research analysts expect that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 13th were paid a $0.405 dividend. The ex-dividend date was Friday, March 13th. This represents a $1.62 annualized dividend and a yield of 2.4%. California Resources’s dividend payout ratio is presently 39.71%.

About California Resources

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.