Dimensional Fund Advisors LP Grows Stake in California Resources Corporation $CRC

Dimensional Fund Advisors LP grew its position in California Resources Corporation (NYSE:CRC) by 15.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,549,636 shares of the oil and gas producer’s stock after buying an additional 474,521 shares during the quarter. Dimensional Fund Advisors LP owned 4.24% of California Resources worth $188,776,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. American Century Companies Inc. raised its holdings in shares of California Resources by 5.6% in the third quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock valued at $159,882,000 after acquiring an additional 159,708 shares in the last quarter. Principal Financial Group Inc. lifted its stake in California Resources by 23.9% in the third quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer’s stock worth $24,924,000 after acquiring an additional 90,466 shares during the period. Channing Capital Management LLC bought a new position in California Resources during the 3rd quarter worth about $6,205,000. Clayton Partners LLC grew its holdings in California Resources by 35.2% during the 3rd quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer’s stock worth $7,238,000 after acquiring an additional 35,461 shares in the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in California Resources during the 3rd quarter valued at about $2,200,000. Institutional investors own 97.79% of the company’s stock.

Insider Activity at California Resources

In other news, VP Noelle M. Repetti sold 8,564 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total transaction of $545,612.44. Following the sale, the vice president directly owned 7,684 shares of the company’s stock, valued at $489,547.64. The trade was a 52.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.63% of the company’s stock.

California Resources Stock Performance

CRC opened at $64.97 on Monday. The company has a market cap of $5.76 billion, a P/E ratio of 15.92 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. The firm’s 50-day moving average price is $52.71 and its 200-day moving average price is $50.37. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $65.68.

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). The company had revenue of $924.00 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business earned $0.91 earnings per share. As a group, equities analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal 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. This represents a $1.62 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, March 13th. California Resources’s payout ratio is presently 39.71%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Wall Street Zen cut shares of California Resources from a “hold” rating to a “sell” rating in a research report on Saturday. Pickering Energy Partners lowered shares of California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. TD Cowen raised shares of California Resources to a “strong-buy” rating in a research note on Monday, February 9th. Mizuho upped their target price on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, California Resources has an average rating of “Moderate Buy” and an average target price of $66.90.

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.