Maverick Capital Ltd. Invests $808,000 in California Resources Corporation $CRC

Maverick Capital Ltd. purchased a new position in California Resources Corporation (NYSE:CRC) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,680 shares of the oil and gas producer’s stock, valued at approximately $808,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its holdings in California Resources by 200.7% during the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock worth $104,822,000 after acquiring an additional 1,564,866 shares in the last quarter. Channing Capital Management LLC increased its position in shares of California Resources by 1,263.4% in the 4th quarter. Channing Capital Management LLC now owns 1,590,707 shares of the oil and gas producer’s stock worth $71,121,000 after purchasing an additional 1,474,037 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of California Resources in the 1st quarter valued at about $62,698,000. Sourcerock Group LLC lifted its position in shares of California Resources by 63.8% during the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after purchasing an additional 779,280 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of California Resources by 155.8% during the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock worth $48,527,000 after purchasing an additional 647,190 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Price Performance

CRC opened at $49.40 on Wednesday. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $55.68 and its 200 day moving average price is $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.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting analysts’ consensus estimates of $0.88. The company had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.California Resources’s quarterly revenue was down 87.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.07 earnings per share. As a group, sell-side analysts expect that California Resources Corporation will post 4.02 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Friday, May 29th. California Resources’s dividend payout ratio is presently -31.15%.

Insider Buying and Selling

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the stock in a transaction on Monday, July 13th. The stock was 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 of the company’s stock, valued at $8,608,896. This trade represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Mizuho lifted their price target on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Barclays increased their target price on California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Stephens set a $85.00 target price on California Resources and gave the stock an “overweight” rating in a research report on Friday, July 17th. Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Finally, UBS Group reissued a “buy” rating and set a $70.00 price target (down from $78.00) on shares of California Resources in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $73.09.

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.