Readystate Asset Management LP Makes New $1.66 Million Investment in California Resources Corporation $CRC

Readystate Asset Management LP purchased a new position in California Resources Corporation (NYSE:CRC) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 24,032 shares of the oil and gas producer’s stock, valued at approximately $1,663,000.

A number of other large investors have also recently made changes to their positions in the stock. Empyrean Capital Partners LP acquired a new position in shares of California Resources in the 1st quarter valued at $3,323,000. Maverick Capital Ltd. acquired a new position in shares of California Resources in the first quarter valued at about $808,000. Quantinno Capital Management LP raised its stake in shares of California Resources by 43.3% in the first quarter. Quantinno Capital Management LP now owns 8,456 shares of the oil and gas producer’s stock worth $585,000 after purchasing an additional 2,554 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of California Resources by 11.4% during the first quarter. Lazard Asset Management LLC now owns 37,986 shares of the oil and gas producer’s stock worth $2,629,000 after purchasing an additional 3,900 shares during the period. Finally, Entropy Technologies LP lifted its holdings in shares of California Resources by 81.7% during the first quarter. Entropy Technologies LP now owns 13,523 shares of the oil and gas producer’s stock worth $936,000 after purchasing an additional 6,079 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president owned 159,424 shares in the company, valued at approximately $8,608,896. This represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CRC. Zacks Research downgraded shares of California Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Citigroup cut their price objective on shares of California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Mizuho raised their target price on shares of California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Weiss Ratings lowered shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 14th. Finally, Stephens set a $85.00 price target on California Resources and gave the stock an “overweight” rating in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.09.

California Resources Stock Performance

CRC opened at $49.40 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The firm has a fifty day moving average price of $55.68 and a 200 day moving average price of $58.34. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98. The stock has a market cap of $4.39 billion, a P/E ratio of -9.50 and a beta of 0.92.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting the consensus estimate of $0.88. The company had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The firm’s revenue was down 87.0% on a year-over-year basis. During the same quarter last year, the business earned $1.07 earnings per share. Equities research analysts anticipate that California Resources Corporation will post 4.02 earnings per share for the current year.

California Resources Announces Dividend

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

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.