Private Management Group Inc. Boosts Position in California Resources Co. (NYSE:CRC)

02 Nov 2024, 11:53 by Renee Jackson · The Cerbat Gem

Private Management Group Inc. lifted its position in California Resources Co. (NYSE:CRC – Free Report) by 0.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 796,610 shares of the oil and gas producer’s stock after acquiring an additional 2,651 shares during the quarter. California Resources accounts for 1.5% of Private Management Group Inc.’s portfolio, making the stock its 10th largest position. Private Management Group Inc. owned about 1.16% of California Resources worth $41,798,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Jupiter Asset Management Ltd. purchased a new stake in California Resources in the 1st quarter valued at about $4,847,000. Sei Investments Co. boosted its holdings in shares of California Resources by 44.7% in the first quarter. Sei Investments Co. now owns 71,693 shares of the oil and gas producer’s stock valued at $3,950,000 after purchasing an additional 22,150 shares during the period. SG Americas Securities LLC grew its stake in California Resources by 497.6% in the first quarter. SG Americas Securities LLC now owns 30,945 shares of the oil and gas producer’s stock worth $1,705,000 after purchasing an additional 25,767 shares in the last quarter. Interval Partners LP purchased a new position in California Resources during the 2nd quarter worth $2,213,000. Finally, Empowered Funds LLC raised its position in California Resources by 879.4% during the 1st quarter. Empowered Funds LLC now owns 143,051 shares of the oil and gas producer’s stock valued at $7,882,000 after purchasing an additional 128,445 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Noelle M. Repetti sold 10,000 shares of the business’s 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 sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other California Resources news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at approximately $8,181,437.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares in the company, valued at $916,953. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

California Resources Stock Down 0.1 %

Shares of CRC traded down $0.04 during midday trading on Friday, hitting $51.93. 422,755 shares of the company’s stock traded hands, compared to its average volume of 852,367. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 23.08, a price-to-earnings-growth ratio of 1.29 and a beta of 0.98. California Resources Co. has a 1 year low of $43.09 and a 1 year high of $57.88. The firm’s fifty day moving average is $51.75 and its 200-day moving average is $50.74.

California Resources (NYSE:CRC – Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter last year, the business posted $0.53 earnings per share. The company’s quarterly revenue was down 13.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that California Resources Co. will post 3.45 earnings per share for the current year.

California Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.98%. The ex-dividend date was Friday, August 30th. This is an increase from California Resources’s previous quarterly dividend of $0.31. California Resources’s payout ratio is currently 68.89%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CRC shares. Barclays increased their price target on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Citigroup raised their target price on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. UBS Group assumed coverage on shares of California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective on the stock. Finally, TD Cowen started coverage on shares of California Resources in a research note on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and an average target price of $65.50.

Check Out Our Latest Analysis on CRC

About California Resources

(Free Report)

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.