Arrowstreet Capital Limited Partnership Buys New Stake in California Resources Corporation $CRC

Arrowstreet Capital Limited Partnership purchased a new position in shares of California Resources Corporation (NYSE:CRC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 905,777 shares of the oil and gas producer’s stock, valued at approximately $62,698,000. Arrowstreet Capital Limited Partnership owned approximately 1.02% of California Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. Sei Investments Co. raised its stake in California Resources by 45.0% in the 1st quarter. Sei Investments Co. now owns 157,798 shares of the oil and gas producer’s stock valued at $10,923,000 after purchasing an additional 48,997 shares during the last quarter. Impala Asset Management LLC acquired a new position in shares of California Resources in the first quarter valued at approximately $1,730,000. First Trust Advisors LP lifted its stake in shares of California Resources by 15.3% during the first quarter. First Trust Advisors LP now owns 238,476 shares of the oil and gas producer’s stock valued at $16,507,000 after buying an additional 31,576 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of California Resources by 8.8% during the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock valued at $281,000 after buying an additional 327 shares during the period. Finally, Bessemer Group Inc. grew its stake in California Resources by 1.4% in the 1st quarter. Bessemer Group Inc. now owns 86,412 shares of the oil and gas producer’s stock worth $5,982,000 after acquiring an additional 1,174 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CRC shares. Mizuho boosted their price target on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Zacks Research downgraded California Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Weiss Ratings lowered California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 14th. Stephens set a $85.00 target price on California Resources and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Citigroup decreased their price target on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.09.

Insiders Place Their Bets

In other news, EVP Jay A. Bys sold 11,907 shares of the firm’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president directly owned 159,424 shares in the company, valued at $8,608,896. This trade represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by insiders.

California Resources Price Performance

CRC opened at $53.37 on Monday. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. California Resources Corporation has a 52-week low of $43.24 and a 52-week high of $71.98. The company has a 50 day moving average of $56.18 and a two-hundred day moving average of $58.28. The company has a market cap of $4.74 billion, a P/E ratio of -10.26 and a beta of 0.92.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting analysts’ consensus estimates of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The business had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. During the same quarter last year, the firm posted $1.07 EPS. The business’s revenue for the quarter was down 87.0% compared to the same quarter last year. On average, analysts expect that California Resources Corporation will post 4.02 earnings per share for the current year.

California Resources Announces Dividend

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

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.