WINTON GROUP Ltd Increases Stake in California Resources Co. (NYSE:CRC)

WINTON GROUP Ltd raised its holdings in California Resources Co. (NYSE:CRC) by 9.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,109 shares of the oil and gas producer’s stock after buying an additional 1,731 shares during the period. WINTON GROUP Ltd’s holdings in California Resources were worth $1,070,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CRC. Vest Financial LLC boosted its holdings in California Resources by 38.4% in the second quarter. Vest Financial LLC now owns 470,694 shares of the oil and gas producer’s stock valued at $25,050,000 after purchasing an additional 130,526 shares during the period. American Century Companies Inc. grew its position in shares of California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock worth $86,825,000 after buying an additional 250,367 shares in the last quarter. SIR Capital Management L.P. purchased a new stake in shares of California Resources during the second quarter worth approximately $11,820,000. Private Management Group Inc. raised its holdings in California Resources by 14.6% in the second quarter. Private Management Group Inc. now owns 793,959 shares of the oil and gas producer’s stock valued at $42,254,000 after acquiring an additional 101,021 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in California Resources by 8.9% in the second quarter. Arizona State Retirement System now owns 15,400 shares of the oil and gas producer’s stock worth $820,000 after acquiring an additional 1,256 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Activity

In related news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the transaction, the chief executive officer now directly owns 166,357 shares in the company, valued at approximately $8,181,437.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other California Resources news, Director Christian S. Kendall purchased 20,895 shares of California Resources stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the acquisition, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now owns 166,357 shares in the company, valued at $8,181,437.26. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

California Resources Price Performance

CRC stock opened at $49.93 on Monday. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $3.39 billion, a P/E ratio of 14.31, a PEG ratio of 1.19 and a beta of 0.98. The business has a 50 day simple moving average of $50.11 and a 200-day simple moving average of $51.08. California Resources Co. has a twelve month low of $43.09 and a twelve month high of $58.44.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. During the same period in the previous year, the business posted $0.53 earnings per share. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. As a group, equities analysts anticipate that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.10%. This is a boost from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, August 30th. California Resources’s dividend payout ratio (DPR) is presently 44.41%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CRC shares. Citigroup lifted their price objective on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price target on shares of California Resources in a report on Monday, August 12th. TD Cowen initiated coverage on California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective on the stock. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Finally, Barclays dropped their price target on shares of California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.00.

California Resources Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.