Spouting Rock Asset Management LLC Grows Holdings in California Resources Co. (NYSE:CRC)

Spouting Rock Asset Management LLC boosted its holdings in California Resources Co. (NYSE:CRCGet Rating) by 7.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,937 shares of the oil and gas producer’s stock after purchasing an additional 3,973 shares during the quarter. California Resources comprises 2.0% of Spouting Rock Asset Management LLC’s investment portfolio, making the stock its 24th largest holding. Spouting Rock Asset Management LLC owned 0.07% of California Resources worth $2,560,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Senator Investment Group LP purchased a new stake in California Resources in the 3rd quarter valued at approximately $41,000,000. Bank of America Corp DE raised its holdings in California Resources by 2,918.9% in the 4th quarter. Bank of America Corp DE now owns 1,027,439 shares of the oil and gas producer’s stock valued at $43,882,000 after acquiring an additional 993,406 shares during the last quarter. Millennium Management LLC raised its holdings in California Resources by 572.2% in the 3rd quarter. Millennium Management LLC now owns 1,075,598 shares of the oil and gas producer’s stock valued at $44,100,000 after acquiring an additional 915,598 shares during the last quarter. BlackRock Inc. raised its holdings in California Resources by 8.1% in the 3rd quarter. BlackRock Inc. now owns 8,812,425 shares of the oil and gas producer’s stock valued at $361,309,000 after acquiring an additional 662,943 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in California Resources by 96.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,298,559 shares of the oil and gas producer’s stock valued at $53,240,000 after acquiring an additional 638,490 shares during the last quarter. Institutional investors own 92.24% of the company’s stock.

A number of brokerages recently weighed in on CRC. StockNews.com cut shares of California Resources from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 15th. Zacks Investment Research cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday. TheStreet cut shares of California Resources from a “c” rating to a “d” rating in a research report on Thursday, May 5th. KeyCorp upped their price objective on shares of California Resources from $50.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, April 8th. Finally, Citigroup began coverage on shares of California Resources in a research report on Tuesday. They issued a “buy” rating and a $60.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $56.33.

In other news, major shareholder Ares Management Llc sold 18,800 shares of the company’s stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $42.77, for a total value of $804,076.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Goldentree Asset Management Lp sold 200,000 shares of the company’s stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $44.38, for a total value of $8,876,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,025,249 shares of company stock valued at $48,987,398 in the last quarter. 0.03% of the stock is currently owned by insiders.

Shares of NYSE CRC traded down $0.56 during trading on Thursday, reaching $39.37. The stock had a trading volume of 897,663 shares, compared to its average volume of 872,354. California Resources Co. has a one year low of $23.60 and a one year high of $50.44. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.81 and a current ratio of 0.69. The stock has a market cap of $3.06 billion, a PE ratio of 6.25 and a beta of 0.72. The firm’s 50 day moving average price is $43.83 and its two-hundred day moving average price is $43.09.

California Resources (NYSE:CRCGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The oil and gas producer reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.19). California Resources had a net margin of 31.63% and a return on equity of 38.92%. The firm had revenue of $153.00 million during the quarter, compared to the consensus estimate of $443.19 million. During the same quarter last year, the firm posted $1.22 earnings per share. California Resources’s revenue was down 57.9% compared to the same quarter last year. On average, research analysts expect that California Resources Co. will post 5.78 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 16th. Investors of record on Wednesday, June 1st will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, May 31st. This represents a $0.68 dividend on an annualized basis and a yield of 1.73%. California Resources’s dividend payout ratio is currently 10.64%.

About California Resources (Get Rating)

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.

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Institutional Ownership by Quarter for California Resources (NYSE:CRC)

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