Sei Investments Co. Acquires 48,997 Shares of California Resources Corporation $CRC

Sei Investments Co. grew its holdings in shares of California Resources Corporation (NYSE:CRC) by 45.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 157,798 shares of the oil and gas producer’s stock after acquiring an additional 48,997 shares during the quarter. Sei Investments Co. owned 0.18% of California Resources worth $10,923,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Rockefeller Capital Management L.P. grew its holdings in shares of California Resources by 363.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in California Resources in the 4th quarter valued at approximately $26,000. Pinnacle Holdings LLC acquired a new stake in California Resources in the fourth quarter valued at approximately $27,000. Valued Wealth Advisors LLC acquired a new stake in California Resources in the first quarter valued at approximately $29,000. Finally, EMC Capital Management bought a new stake in shares of California Resources during the fourth quarter worth $42,000. Institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

CRC has been the subject of several research analyst reports. UBS Group reiterated a “buy” rating and set a $70.00 price target (down from $78.00) on shares of California Resources in a report on Monday, July 13th. Citigroup dropped their target price on California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Zacks Research lowered shares of California Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Finally, Mizuho raised their target price on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $73.09.

California Resources Stock Performance

Shares of California Resources stock opened at $52.54 on Friday. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $55.04 and a two-hundred day moving average price of $58.37. 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 $4.66 billion, a P/E ratio of -10.10 and a beta of 0.92.

California Resources (NYSE:CRC) last posted its quarterly earnings data 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. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The firm had revenue of $119.00 million during the quarter, compared to analyst estimates of $947.50 million. During the same period last year, the company posted $1.07 EPS. The business’s quarterly revenue was down 87.0% on a year-over-year basis. As a group, analysts anticipate that California Resources Corporation will post 4.02 EPS for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, May 29th were issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, May 29th. California Resources’s payout ratio is presently -31.15%.

Insider Transactions at California Resources

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president directly owned 159,424 shares of the company’s stock, valued at approximately $8,608,896. The trade was a 6.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.53% of the company’s stock.

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.