Harbor Capital Advisors Inc. Purchases 19,955 Shares of California Resources Corporation $CRC

Harbor Capital Advisors Inc. raised its position in shares of California Resources Corporation (NYSE:CRC) by 394.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,017 shares of the oil and gas producer’s stock after acquiring an additional 19,955 shares during the period. Harbor Capital Advisors Inc.’s holdings in California Resources were worth $1,119,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Clearstead Advisors LLC lifted its position in shares of California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 226 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in California Resources in the 3rd quarter valued at approximately $29,000. FNY Investment Advisers LLC acquired a new stake in California Resources in the 3rd quarter valued at approximately $36,000. Allworth Financial LP increased its position in California Resources by 328.6% in the 3rd quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock worth $41,000 after buying an additional 598 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in California Resources by 29.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 219 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Performance

CRC opened at $67.66 on Monday. The stock’s 50 day simple moving average is $60.12 and its 200-day simple moving average is $52.32. 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 stock has a market cap of $6.00 billion, a PE ratio of 16.58 and a beta of 1.04. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $71.98.

California Resources (NYSE:CRC) last issued 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). The firm had revenue of $924.00 million during the quarter, compared to the consensus estimate of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the business earned $0.91 earnings per share. Sell-side analysts forecast that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 13th were issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, March 13th. California Resources’s dividend payout ratio (DPR) is presently 39.71%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wall Street Zen raised California Resources from a “sell” rating to a “hold” rating in a research report on Monday. Zacks Research raised shares of California Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 27th. Citigroup increased their price target on shares of California Resources from $67.00 to $74.00 and gave the company a “neutral” rating in a report on Monday, March 30th. Wells Fargo & Company raised their price target on shares of California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $70.50.

Insider Buying and Selling at California Resources

In related news, Director Mark Allen Mcfarland sold 16,372 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $64.83, for a total value of $1,061,396.76. Following the completion of the transaction, the director owned 76,265 shares of the company’s stock, valued at $4,944,259.95. This represents a 17.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Omar Hayat sold 23,000 shares of the firm’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the transaction, the chief operating officer owned 82,236 shares of the company’s stock, valued at approximately $5,416,885.32. This represents a 21.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 72,283 shares of company stock valued at $4,636,646 in the last 90 days. Insiders own 0.03% of the company’s stock.

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.