Clayton Partners LLC Boosts Position in California Resources Corporation $CRC

Clayton Partners LLC grew its stake in shares of California Resources Corporation (NYSE:CRC) by 10.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 150,364 shares of the oil and gas producer’s stock after buying an additional 14,264 shares during the period. California Resources makes up 4.7% of Clayton Partners LLC’s portfolio, making the stock its 5th biggest position. Clayton Partners LLC’s holdings in California Resources were worth $6,723,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Clearstead Advisors LLC boosted its holdings in California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after buying an additional 226 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in California Resources during the fourth quarter worth about $26,000. Pinnacle Holdings LLC bought a new position in California Resources during the fourth quarter worth about $27,000. FNY Investment Advisers LLC bought a new position in California Resources during the third quarter worth about $36,000. Finally, Allworth Financial LP boosted its holdings in California Resources by 328.6% during the third quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock worth $41,000 after buying an additional 598 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Stock Down 1.6%

NYSE:CRC opened at $55.35 on Thursday. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of -10.64 and a beta of 0.90. California Resources Corporation has a twelve month low of $43.24 and a twelve month high of $71.98. The stock’s 50 day moving average price is $62.24 and its two-hundred day moving average price is $56.94. 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 posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting the consensus estimate of $0.88. The firm had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The business’s quarterly revenue was down 87.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.07 EPS. Equities research analysts expect that California Resources Corporation will post 5.26 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, May 29th will be given a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.62 annualized dividend and a dividend yield of 2.9%. California Resources’s payout ratio is -31.15%.

Analyst Ratings Changes

CRC has been the topic of a number of recent analyst reports. Weiss Ratings cut California Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 8th. Citigroup upgraded California Resources from a “neutral” rating to a “buy” rating and raised their target price for the stock from $74.00 to $78.00 in a report on Wednesday, May 20th. Barclays raised their price target on California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. UBS Group set a $78.00 price target on California Resources and gave the stock a “buy” rating in a research report on Monday, May 11th. Finally, Mizuho raised their price target on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and an average target price of $73.50.

Insider Buying and Selling at California Resources

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total transaction of $734,423.76. Following the transaction, the executive vice president owned 171,331 shares of the company’s stock, valued at $10,567,696.08. The trade was a 6.50% 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 company insiders.

California Resources Profile

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.