Y Intercept Hong Kong Ltd Invests $4.02 Million in California Resources Corporation $CRC

Y Intercept Hong Kong Ltd acquired a new position in California Resources Corporation (NYSE:CRC) in the second quarter, HoldingsChannel.com reports. The fund acquired 76,082 shares of the oil and gas producer’s stock, valued at approximately $4,022,000.

Several other institutional investors also recently bought and sold shares of CRC. AQR Capital Management LLC raised its position in shares of California Resources by 89.1% during the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock worth $2,046,000 after purchasing an additional 21,923 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in California Resources by 6.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after acquiring an additional 2,394 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in California Resources by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after acquiring an additional 181,833 shares during the last quarter. Empowered Funds LLC grew its position in shares of California Resources by 3.8% in the first quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock valued at $2,233,000 after purchasing an additional 1,857 shares in the last quarter. Finally, Intech Investment Management LLC lifted its position in California Resources by 17.7% during the first quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after buying an additional 4,783 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on CRC. Weiss Ratings upgraded shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Mizuho upped their target price on shares of California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Barclays restated an “overweight” rating and set a $77.00 price target (down from $80.00) on shares of California Resources in a research report on Tuesday. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Finally, Stephens set a $85.00 target price on shares of California Resources and gave the stock an “overweight” rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $72.55.

Insider Activity at California Resources

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president directly owned 147,517 shares of the company’s stock, valued at $7,965,918. This trade represents a 7.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,721 shares of company stock worth $2,020,380 over the last quarter. 0.53% of the stock is owned by company insiders.

California Resources Stock Down 1.1%

CRC stock opened at $53.53 on Thursday. California Resources Corporation has a one year low of $43.24 and a one year high of $71.98. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. The company has a fifty day moving average of $53.70 and a 200-day moving average of $58.73. The stock has a market capitalization of $4.75 billion, a PE ratio of -39.36 and a beta of 0.93.

California Resources (NYSE:CRC) last released its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a positive return on equity of 9.87% and a negative net margin of 3.79%.The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million. During the same quarter in the previous year, the firm posted $1.10 EPS. The business’s revenue for the quarter was up 33.0% on a year-over-year basis. As a group, analysts expect that California Resources Corporation will post 4.02 EPS for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, September 4th. California Resources’s dividend payout ratio is -119.12%.

Key Headlines Impacting California Resources

Here are the key news stories impacting California Resources this week:

• Positive Sentiment: UBS lowered its price target to $67 from $70 but maintained a Buy rating, implying approximately 25% upside from the referenced share price. The revised target remains supportive of CRC’s valuation despite more cautious estimates. Benzinga
• Positive Sentiment: Recent earnings-call coverage emphasized efficiency improvements, strategic midstream expansion and progress on carbon-capture and storage initiatives. These efforts could strengthen cash flow and diversify CRC beyond upstream oil and gas production. California Resources Corp Earnings Call Highlights Efficiency
• Positive Sentiment: CRC agreed to acquire a California oil-pipeline platform from Crimson Midstream for $63 million. The deal could expand the company’s midstream footprint, improve integration and create additional fee-based revenue opportunities. CRC to acquire Crimson Midstream’s California pipeline platform
• Neutral Sentiment: Executive Vice President Jay A. Bys sold 11,907 shares for about $643,000, reducing his position by 7.47%. Because the transaction was conducted under a pre-arranged Rule 10b5-1 plan, it may carry less negative signaling value than a discretionary insider sale. SEC Form 4 filing
• Negative Sentiment: CRC reported adjusted earnings of $0.99 per share, below the $1.36 consensus estimate. Revenue rose 33% year over year to $1.30 billion and exceeded forecasts, but the earnings shortfall remains a near-term overhang.
• Negative Sentiment: Analyst commentary noted that hedging contracts are reducing CRC’s ability to benefit from higher realized oil prices, limiting earnings power even as strategic initiatives advance. California Resources: Executing On Strategic Priorities But Hedges Sap Away Earnings Power

About California Resources

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.