Oaktree Capital Management LP Lowers Holdings in California Resources Corporation $CRC

Oaktree Capital Management LP reduced its position in shares of California Resources Corporation (NYSE:CRC) by 49.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 694,502 shares of the oil and gas producer’s stock after selling 682,251 shares during the quarter. Oaktree Capital Management LP owned about 0.83% of California Resources worth $36,934,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sourcerock Group LLC grew its position in shares of California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after buying an additional 779,280 shares in the last quarter. Invesco Ltd. raised its holdings in shares of California Resources by 155.8% in the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock valued at $48,527,000 after acquiring an additional 647,190 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of California Resources by 15.4% in the third quarter. Dimensional Fund Advisors LP now owns 3,549,636 shares of the oil and gas producer’s stock valued at $188,776,000 after acquiring an additional 474,521 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in California Resources by 461.5% in the second quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock worth $25,440,000 after acquiring an additional 457,835 shares during the period. Finally, Orion Porfolio Solutions LLC lifted its stake in California Resources by 5,657.2% in the second quarter. Orion Porfolio Solutions LLC now owns 411,239 shares of the oil and gas producer’s stock worth $18,781,000 after acquiring an additional 404,096 shares during the period. 97.79% of the stock is owned by institutional investors.

California Resources Stock Down 0.3%

NYSE:CRC traded down $0.19 during mid-day trading on Friday, hitting $61.93. 72,839 shares of the company’s stock traded hands, compared to its average volume of 875,490. The company has a fifty day moving average of $54.15 and a 200 day moving average of $50.73. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 0.89. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $66.35. The company has a market capitalization of $5.49 billion, a P/E ratio of 15.14 and a beta of 1.12.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share 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 business had revenue of $924.00 million during the quarter, compared to analyst estimates of $789.67 million. During the same period in the prior year, the business posted $0.91 EPS. California Resources’s revenue was up 5.4% compared to the same quarter last year. On average, analysts forecast that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CRC shares. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. UBS Group increased their price objective on shares of California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Barclays lifted their price objective on shares of California Resources from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Royal Bank Of Canada set a $70.00 price objective on shares of California Resources in a research note on Monday, January 5th. Finally, Mizuho upped their target price on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average price target of $66.90.

Insider Activity at California Resources

In other California Resources news, COO Omar Hayat sold 23,000 shares of the firm’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $65.87, for a total value of $1,515,010.00. Following the completion of the transaction, the chief operating officer owned 82,236 shares of the company’s stock, valued at approximately $5,416,885.32. This trade represents a 21.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christopher D. Gould sold 24,347 shares of California Resources stock in a transaction 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 sale, the executive vice president owned 131,537 shares of the company’s stock, valued at $8,182,916.77. The trade was a 15.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 72,283 shares of company stock worth $4,636,646. 0.03% of the stock is owned by company insiders.

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.