Aristides Capital LLC Has $6.42 Million Stake in California Resources Corporation $CRC

Aristides Capital LLC reduced its holdings in shares of California Resources Corporation (NYSE:CRC) by 43.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 92,823 shares of the oil and gas producer’s stock after selling 71,738 shares during the quarter. California Resources makes up about 1.1% of Aristides Capital LLC’s portfolio, making the stock its 14th biggest holding. Aristides Capital LLC owned 0.10% of California Resources worth $6,425,000 at the end of the most recent quarter.

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

Insider Activity

In related news, EVP Jay A. Bys sold 11,907 shares of the stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president owned 159,424 shares in the company, valued at approximately $8,608,896. This trade represents a 6.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.53% of the company’s stock.

California Resources Stock Performance

NYSE:CRC opened at $54.29 on Friday. The stock has a fifty day moving average price of $56.33 and a 200-day moving average price of $58.22. The company has a market cap of $4.82 billion, a price-to-earnings ratio of -10.44 and a beta of 0.92. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting analysts’ consensus estimates of $0.88. The company had revenue of $119.00 million for the quarter, compared to analysts’ expectations of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.California Resources’s revenue was down 87.0% on a year-over-year basis. During the same quarter last year, the business earned $1.07 earnings per share. As a group, equities analysts anticipate that California Resources Corporation will post 4.02 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, May 29th were issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, May 29th. California Resources’s dividend payout ratio is -31.15%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Stephens set a $85.00 price target on California Resources and gave the stock an “overweight” rating in a report on Friday, July 17th. Citigroup decreased their price objective on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Zacks Research cut California Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Weiss Ratings downgraded California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 14th. Finally, UBS Group reissued a “buy” rating and issued a $70.00 target price (down from $78.00) on shares of California Resources in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $73.09.

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.