Maverick Capital Ltd. Purchases Shares of 11,680 California Resources Corporation $CRC

Maverick Capital Ltd. purchased a new stake in shares of California Resources Corporation (NYSE:CRC) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 11,680 shares of the oil and gas producer’s stock, valued at approximately $808,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Rockefeller Capital Management L.P. grew its holdings in California Resources by 363.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in California Resources in the 4th quarter valued at approximately $26,000. Pinnacle Holdings LLC bought a new stake in California Resources during the 4th quarter valued at $27,000. Valued Wealth Advisors LLC bought a new stake in California Resources during the 1st quarter valued at $29,000. Finally, Allworth Financial LP boosted its position in California Resources by 328.6% during the 3rd quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock worth $41,000 after acquiring an additional 598 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at California Resources

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

Analyst Ratings Changes

Several research firms have recently issued reports on CRC. Barclays increased their price target on California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. UBS Group restated a “buy” rating and set a $70.00 price objective (down from $78.00) on shares of California Resources in a research note on Monday, July 13th. Wall Street Zen downgraded shares of California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Citigroup decreased their target price on shares of California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Finally, Weiss Ratings downgraded shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and an average target price of $73.09.

California Resources Trading Down 2.8%

Shares of California Resources stock opened at $49.40 on Wednesday. The business has a fifty day simple moving average of $55.68 and a 200-day simple moving average of $58.34. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of -9.50 and a beta of 0.92. 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 (NYSE:CRC) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The firm had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. During the same period in the previous year, the company earned $1.07 earnings per share. California Resources’s revenue was down 87.0% compared to the same quarter last year. On average, equities analysts forecast that California Resources Corporation will post 4.02 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, May 29th were paid a $0.405 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.62 annualized dividend and a dividend yield of 3.3%. California Resources’s payout ratio is currently -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.