Geode Capital Management LLC Has $82.88 Million Stock Holdings in California Resources Corporation $CRC

Geode Capital Management LLC lifted its position in California Resources Corporation (NYSE:CRC) by 8.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,853,246 shares of the oil and gas producer’s stock after acquiring an additional 141,836 shares during the period. Geode Capital Management LLC owned approximately 2.21% of California Resources worth $82,878,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CRC. Clearstead Advisors LLC raised its position in shares of California Resources by 82.5% in the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 226 shares during the period. FNY Investment Advisers LLC acquired a new stake in shares of California Resources in the 3rd quarter valued at approximately $36,000. Allworth Financial LP raised its position in shares of California Resources by 328.6% in the 3rd quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock valued at $41,000 after acquiring an additional 598 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of California Resources by 242.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock valued at $67,000 after acquiring an additional 1,045 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in California Resources by 21.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer’s stock worth $73,000 after purchasing an additional 236 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at California Resources

In other news, EVP Jay A. Bys sold 11,907 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $61.68, for a total transaction of $734,423.76. Following the completion of the transaction, the executive vice president directly owned 171,331 shares of the company’s stock, valued at $10,567,696.08. This trade represents a 6.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher D. Gould sold 24,347 shares of the firm’s stock in a transaction that occurred on 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 directly owned 131,537 shares of the company’s stock, valued at $8,182,916.77. This represents a 15.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.53% of the stock is owned by company insiders.

California Resources Price Performance

Shares of CRC opened at $58.41 on Monday. The stock has a market capitalization of $5.19 billion, a P/E ratio of -11.23 and a beta of 0.90. California Resources Corporation has a twelve month low of $43.24 and a twelve month high of $71.98. The company has a 50 day moving average of $63.90 and a 200-day moving average of $56.33. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting the consensus estimate of $0.88. The company had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The business’s quarterly revenue was down 87.0% on a year-over-year basis. During the same period last year, the business earned $1.07 EPS. As a group, equities research analysts forecast that California Resources Corporation will post 5.56 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Friday, May 29th will be paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, May 29th. California Resources’s dividend payout ratio (DPR) is currently -31.15%.

Analysts Set New Price Targets

A number of analysts recently issued reports on CRC shares. Wells Fargo & Company increased their target price on California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. Barclays increased their target price on California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Mizuho increased their target price on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Wall Street Zen cut California Resources from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, Zacks Research cut California Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $73.50.

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.