Aristeia Capital L.L.C. Reduces Holdings in California Resources Co. (NYSE:CRC)

Aristeia Capital L.L.C. reduced its stake in California Resources Co. (NYSE:CRC) by 37.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,349 shares of the oil and gas producer’s stock after selling 2,621 shares during the period. Aristeia Capital L.L.C.’s holdings in California Resources were worth $231,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. TFO Wealth Partners LLC increased its position in California Resources by 67,800.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after buying an additional 1,356 shares in the last quarter. Privium Fund Management B.V. purchased a new position in shares of California Resources in the 2nd quarter worth about $258,000. Hyperion Capital Advisors LP bought a new position in California Resources in the 1st quarter worth about $275,000. AlphaMark Advisors LLC bought a new stake in California Resources during the 2nd quarter valued at about $320,000. Finally, Bfsg LLC raised its holdings in California Resources by 15.4% in the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock worth $339,000 after buying an additional 851 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

Shares of NYSE:CRC opened at $54.04 on Wednesday. The firm’s 50 day moving average price is $50.22 and its 200-day moving average price is $51.13. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3.70 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.98. 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 results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). The business had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The company’s revenue was down 13.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.53 EPS. Equities research analysts expect that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend was Friday, August 30th. This is a positive change from California Resources’s previous quarterly dividend of $0.31. California Resources’s payout ratio is currently 44.41%.

Insiders Place Their Bets

In related news, Director Christian S. Kendall acquired 20,895 shares of the stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares in the company, valued at $1,180,062. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Christian S. Kendall acquired 20,895 shares of California Resources stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares in the company, valued at approximately $1,180,062. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CRC shares. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. Citigroup boosted their price target on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of California Resources in a research report on Monday, August 12th. Barclays decreased their target price on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Finally, TD Cowen began coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $64.00.

California Resources Company 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.