Globeflex Capital L P Invests $1.30 Million in California Resources Corporation $CRC

Globeflex Capital L P bought a new stake in shares of California Resources Corporation (NYSE:CRC) in the second quarter, Holdings Channel reports. The firm bought 24,519 shares of the oil and gas producer’s stock, valued at approximately $1,296,000.

Several other institutional investors also recently bought and sold shares of CRC. Great Lakes Advisors LLC acquired a new stake in shares of California Resources during the second quarter worth about $2,829,000. Bank of New York Mellon Corp purchased a new position in California Resources in the 2nd quarter valued at approximately $63,205,000. Farther Finance Advisors LLC grew its stake in shares of California Resources by 56.7% in the second quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas producer’s stock worth $110,000 after acquiring an additional 755 shares in the last quarter. Burns Matteson Capital Management LLC acquired a new position in shares of California Resources in the second quarter worth $421,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of California Resources by 2.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 17,706 shares of the oil and gas producer’s stock worth $929,000 after acquiring an additional 413 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Price Performance

Shares of CRC opened at $52.38 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98. The firm has a 50-day simple moving average of $52.84 and a 200-day simple moving average of $58.82. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of -38.52 and a beta of 0.93.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $960.20 million. During the same quarter last year, the business earned $1.10 earnings per share. The business’s quarterly revenue was up 33.0% on a year-over-year basis. On average, equities research analysts anticipate that California Resources Corporation will post 3.63 earnings per share for the current year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, September 4th. California Resources’s dividend payout ratio (DPR) is presently -119.12%.

Analyst Ratings Changes

A number of research firms recently issued reports on CRC. Citigroup decreased 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. Stephens set a $85.00 price objective on California Resources and gave the company an “overweight” rating in a research note on Friday, July 17th. Barclays set a $74.00 target price on shares of California Resources and gave the stock an “overweight” rating in a research note on Monday, August 17th. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. Finally, Mizuho lifted their price target on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $72.27.

Insider Activity

In related news, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction on Monday, August 10th. The stock was 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 147,517 shares of the company’s stock, valued at approximately $7,965,918. The trade was a 7.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 35,721 shares of company stock worth $2,020,380. 0.53% of the stock is currently owned by company insiders.

California Resources 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.