California Resources Corporation $CRC Shares Purchased by Algert Global LLC

Algert Global LLC grew its position in California Resources Corporation (NYSE:CRC) by 105.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 396,723 shares of the oil and gas producer’s stock after purchasing an additional 203,164 shares during the period. Algert Global LLC owned approximately 0.47% of California Resources worth $21,098,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of California Resources by 89.1% during the first quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock worth $2,046,000 after buying an additional 21,923 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in California Resources by 6.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after acquiring an additional 2,394 shares during the period. Goldman Sachs Group Inc. raised its stake in California Resources by 38.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after acquiring an additional 181,833 shares in the last quarter. Empowered Funds LLC raised its stake in California Resources by 3.8% during the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock valued at $2,233,000 after acquiring an additional 1,857 shares in the last quarter. Finally, Intech Investment Management LLC boosted its position in California Resources by 17.7% during the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after acquiring an additional 4,783 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CRC shares. Wall Street Zen cut California Resources from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. TD Cowen raised shares of California Resources to a “strong-buy” rating in a report on Monday, February 9th. Mizuho increased their target price on shares of California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Pickering Energy Partners cut shares of California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. Two investment 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. Based on data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.90.

Insider Buying and Selling

In other news, EVP Christopher D. Gould sold 24,347 shares of the 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 completion of the sale, the executive vice president owned 131,537 shares in the company, valued at approximately $8,182,916.77. This represents a 15.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark Allen Mcfarland sold 16,372 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $64.83, for a total value of $1,061,396.76. Following the sale, the director directly owned 76,265 shares of the company’s stock, valued at approximately $4,944,259.95. This represents a 17.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 72,283 shares of company stock worth $4,636,646 over the last three months. Corporate insiders own 0.03% of the company’s stock.

California Resources Stock Performance

NYSE:CRC opened at $61.59 on Friday. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $66.35. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average of $54.45 and a 200-day moving average of $50.82. The firm has a market cap of $5.46 billion, a price-to-earnings ratio of 15.09 and a beta of 1.12.

California Resources (NYSE:CRC) last released its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $789.67 million. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. Analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

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

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.