Proficio Capital Partners LLC Acquires New Holdings in California Resources Corporation $CRC

Proficio Capital Partners LLC bought a new stake in California Resources Corporation (NYSE:CRC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,218 shares of the oil and gas producer’s stock, valued at approximately $540,000.

Several other large investors also recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its holdings in shares of California Resources by 4.3% during the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock valued at $209,000 after purchasing an additional 195 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in California Resources by 14.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock worth $75,000 after purchasing an additional 214 shares in the last quarter. iA Global Asset Management Inc. increased its position in California Resources by 4.4% during the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after buying an additional 230 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in California Resources by 13.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock worth $155,000 after buying an additional 268 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in California Resources by 8.8% during the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock valued at $281,000 after buying an additional 327 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president directly owned 147,517 shares of the company’s stock, valued at $7,965,918. The trade was a 7.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on CRC shares. Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Mizuho raised their price objective on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Citigroup reduced their target price on California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Seaport Research Partners initiated coverage on California Resources in a report on Thursday. They set a “neutral” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.27.

California Resources Stock Down 0.5%

CRC stock opened at $53.60 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56. California Resources Corporation has a 52-week low of $43.24 and a 52-week high of $71.98. The company has a 50-day moving average of $52.58 and a two-hundred day moving average of $58.69. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of -39.41 and a beta of 0.90.

California Resources (NYSE:CRC) last issued its quarterly 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 negative net margin of 3.79% and a positive return on equity of 9.82%. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. During the same period in the prior year, the business posted $1.10 earnings per share. The company’s revenue for the quarter was up 33.0% compared to the same quarter last year. As a group, equities research analysts anticipate that California Resources Corporation will post 3.63 EPS for the current year.

California Resources Announces Dividend

The firm 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 $0.405 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a yield of 3.0%. California Resources’s dividend payout ratio (DPR) is -119.12%.

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.