15,042 Shares of California Resources Corporation $CRC Acquired by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC acquired a new stake in shares of California Resources Corporation (NYSE:CRC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 15,042 shares of the oil and gas producer’s stock, valued at approximately $789,000.

A number of other institutional investors have also modified their holdings of the business. EverSource Wealth Advisors LLC raised its stake 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 acquiring an additional 268 shares during the period. GAMMA Investing LLC lifted its holdings in California Resources by 15.8% in the third quarter. GAMMA Investing LLC now owns 2,175 shares of the oil and gas producer’s stock worth $110,000 after acquiring an additional 296 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in California Resources by 8.8% in 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 acquiring an additional 327 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in California Resources by 2.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 17,706 shares of the oil and gas producer’s stock valued at $929,000 after acquiring an additional 413 shares during the period. Finally, Valued Wealth Advisors LLC acquired a new position in California Resources in the first quarter valued at approximately $29,000. Institutional investors own 97.79% of the company’s stock.

Insider Transactions at California Resources

In other California Resources news, EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the transaction, the executive vice president directly owned 123,703 shares of the company’s stock, valued at $6,679,962. The trade was a 8.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 35,721 shares of company stock worth $1,928,934. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

CRC has been the subject of several recent research reports. Citigroup lowered their target price on California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. UBS Group reiterated a “buy” rating and set a $68.00 price target (down from $73.00) on shares of California Resources in a research report on Monday, October 12th. Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Weiss Ratings raised California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Finally, Roth Capital restated a “buy” rating and set a $59.00 price objective (up from $58.00) on shares of California Resources in a research report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $74.44.

California Resources Stock Performance

Shares of CRC opened at $54.27 on Friday. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The company has a market cap of $4.82 billion, a price-to-earnings ratio of -39.90 and a beta of 1.02. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. The firm has a fifty day moving average of $53.47 and a 200-day moving average of $56.90.

California Resources (NYSE:CRC) last released 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 positive return on equity of 9.82% and a negative net margin of 3.79%. The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $960.20 million. During the same quarter in the prior year, the company posted $1.10 EPS. The firm’s revenue was up 33.0% on a year-over-year basis. As a group, equities analysts anticipate that California Resources Corporation will post 4.03 earnings per share for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were given a $0.4050 dividend. The ex-dividend date was Friday, September 4th. This represents a $1.62 annualized dividend and a yield of 3.0%. California Resources’s dividend payout ratio (DPR) is currently -119.12%.

California Resources Profile

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California’s energy and environmental objectives.

CRC’s operations are concentrated in California, with assets spanning several of the state’s major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.