Readystate Asset Management LP Acquires 58,223 Shares of California Resources Corporation $CRC

Readystate Asset Management LP increased its holdings in shares of California Resources Corporation (NYSE:CRC) by 242.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,255 shares of the oil and gas producer’s stock after purchasing an additional 58,223 shares during the period. Readystate Asset Management LP owned approximately 0.09% of California Resources worth $4,349,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Odyssean LLC bought a new stake in California Resources in the second quarter worth approximately $445,000. Proficio Capital Partners LLC bought a new position in shares of California Resources during the 2nd quarter worth approximately $540,000. Globeflex Capital L P acquired a new stake in shares of California Resources during the 2nd quarter worth approximately $1,296,000. Great Lakes Advisors LLC bought a new stake in shares of California Resources in the 2nd quarter valued at $2,829,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of California Resources during the 2nd quarter valued at $63,205,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Trading Up 0.0%

CRC opened at $54.23 on Monday. 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 capitalization of $4.82 billion, a PE ratio of -39.87 and a beta of 0.90. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56. The company’s 50-day moving average is $52.58 and its 200 day moving average is $58.64.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. California Resources’s revenue for the quarter was up 33.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.10 EPS. As a group, research analysts predict that California Resources Corporation will post 3.9 earnings per share for the current fiscal year.

California Resources Dividend Announcement

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

Analyst Upgrades and Downgrades

CRC has been the subject of a number of research reports. Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Stephens set a $85.00 price objective on California Resources and gave the company an “overweight” rating in a research note on Friday, July 17th. Weiss Ratings raised California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Finally, Barclays set a $74.00 target price on California Resources and gave the stock an “overweight” rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $72.27.

Insider Activity

In related news, EVP Jay 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 transaction of $642,978.00. Following the transaction, the executive vice president owned 147,517 shares of the company’s stock, valued at $7,965,918. The trade was a 7.47% 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.

California Resources Company 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.