Boothbay Fund Management LLC Increases Stock Position in California Resources Corporation $CRC

Boothbay Fund Management LLC grew its holdings in California Resources Corporation (NYSE:CRC) by 27.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,396 shares of the oil and gas producer’s stock after purchasing an additional 24,191 shares during the quarter. Boothbay Fund Management LLC owned approximately 0.14% of California Resources worth $6,030,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Clearstead Advisors LLC lifted its stake in California Resources by 82.5% in the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 226 shares in the last quarter. Salomon & Ludwin LLC purchased a new position in California Resources during the third quarter worth $29,000. Nomura Asset Management Co. Ltd. increased its position in California Resources by 97.9% during the second quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 460 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of California Resources by 29.7% in the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 219 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of California Resources by 242.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock worth $67,000 after acquiring an additional 1,045 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at California Resources

In related news, COO Omar Hayat sold 23,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief operating officer directly owned 82,236 shares in the company, valued at approximately $5,416,885.32. The trade was a 21.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christopher D. Gould sold 24,347 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 131,537 shares of the company’s stock, valued at $8,182,916.77. This trade represents a 15.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 72,283 shares of company stock valued at $4,636,646. Insiders own 0.63% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 19th. Mizuho boosted their target price on shares of California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Wall Street Zen lowered shares of California Resources from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. UBS Group raised their price target on shares of California Resources from $63.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Finally, Pickering Energy Partners downgraded shares of California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $66.90.

California Resources Price Performance

Shares of NYSE:CRC opened at $61.59 on Monday. The company has a market cap of $5.46 billion, a P/E ratio of 15.09 and a beta of 1.11. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $66.35. The business has a fifty day simple moving average of $54.45 and a 200-day simple moving average of $50.83.

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 the consensus estimate of $0.49 by ($0.02). California Resources had a net margin of 9.89% and a return on equity of 10.23%. The business had revenue of $924.00 million during the quarter, compared to analyst estimates of $789.67 million. During the same quarter in the previous year, the company posted $0.91 earnings per share. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities research analysts forecast that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

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

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.