SG Americas Securities LLC Raises Holdings in California Resources Corporation $CRC

SG Americas Securities LLC boosted its stake in shares of California Resources Corporation (NYSE:CRC) by 107.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,300 shares of the oil and gas producer’s stock after acquiring an additional 14,665 shares during the quarter. SG Americas Securities LLC’s holdings in California Resources were worth $1,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CRC. AQR Capital Management LLC boosted its holdings in California Resources by 89.1% during 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. lifted its holdings in California Resources by 6.1% in the 1st 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 buying an additional 2,394 shares during the period. Goldman Sachs Group Inc. lifted its holdings in California Resources by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock worth $28,916,000 after buying an additional 181,833 shares during the period. Empowered Funds LLC lifted its holdings in California Resources by 3.8% in the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock worth $2,233,000 after buying an additional 1,857 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in California Resources by 17.7% in the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after buying an additional 4,783 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at California Resources

In other news, VP Noelle M. Repetti sold 8,564 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $63.71, for a total value of $545,612.44. Following the completion of the transaction, the vice president owned 7,684 shares of the company’s stock, valued at approximately $489,547.64. This represents a 52.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher D. Gould sold 24,347 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $62.21, for a total value of $1,514,626.87. Following the completion of the transaction, the executive vice president directly owned 131,537 shares of the company’s stock, valued at $8,182,916.77. This represents a 15.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,283 shares of company stock worth $4,636,646 over the last 90 days. 0.53% of the stock is currently owned by insiders.

California Resources Stock Up 1.1%

Shares of NYSE:CRC opened at $68.45 on Wednesday. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $71.98. The firm has a market capitalization of $6.07 billion, a P/E ratio of 16.78 and a beta of 1.04. The stock has a 50 day moving average price of $60.84 and a 200-day moving average price of $52.49. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 0.89.

California Resources (NYSE:CRC) last announced its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm had revenue of $924.00 million during the quarter, compared to the consensus estimate of $789.67 million. During the same period in the prior year, the company posted $0.91 EPS. The firm’s revenue was up 5.4% on a year-over-year basis. As a group, equities research analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 13th were given a $0.405 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.62 annualized dividend and a dividend yield of 2.4%. California Resources’s dividend payout ratio is currently 39.71%.

Analyst Ratings Changes

Several equities research analysts have weighed in on CRC shares. Barclays increased their price objective on California Resources from $67.00 to $72.00 and gave the stock an “overweight” rating in a report on Monday, March 16th. Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. TD Cowen upgraded California Resources to a “strong-buy” rating in a report on Monday, February 9th. Zacks Research upgraded California Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, March 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, California Resources currently has a consensus rating of “Buy” and a consensus price target of $70.50.

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.