Saber Capital Managment LLC Purchases Shares of 91,941 California Resources Corporation $CRC

Saber Capital Managment LLC purchased a new stake in California Resources Corporation (NYSE:CRC) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 91,941 shares of the oil and gas producer’s stock, valued at approximately $4,111,000. California Resources comprises about 3.4% of Saber Capital Managment LLC’s investment portfolio, making the stock its 8th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in the company. Federated Hermes Inc. lifted its stake in California Resources by 4.3% in the fourth quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock valued at $209,000 after acquiring an additional 195 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of 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 valued at $75,000 after purchasing an additional 214 shares during the period. Clearstead Advisors LLC raised its position in shares of California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 226 shares during the period. iA Global Asset Management Inc. raised its position in shares of California Resources by 4.4% in the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock valued at $243,000 after purchasing an additional 230 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in shares of California Resources by 21.1% in the third quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer’s stock valued at $73,000 after purchasing an additional 236 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Trading Down 0.3%

CRC stock opened at $58.45 on Monday. 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’s 50-day simple moving average is $62.94 and its 200 day simple moving average is $56.74. California Resources Corporation has a 52 week low of $43.24 and a 52 week high of $71.98. The company has a market capitalization of $5.19 billion, a PE ratio of -11.24 and a beta of 0.91.

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. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The business had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. During the same period in the prior year, the company posted $1.07 earnings per share. California Resources’s revenue was down 87.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that California Resources Corporation will post 5.56 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Friday, May 29th will be paid a $0.405 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.62 annualized dividend and a dividend yield of 2.8%. California Resources’s dividend payout ratio is -31.15%.

Insider Activity at California Resources

In related news, EVP Jay A. Bys sold 11,907 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $61.68, for a total value of $734,423.76. Following the transaction, the executive vice president directly owned 171,331 shares in the company, valued at approximately $10,567,696.08. This represents a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CRC. Citigroup raised shares of California Resources from a “neutral” rating to a “buy” rating and increased their price objective for the company from $74.00 to $78.00 in a research report on Wednesday, May 20th. Wall Street Zen raised shares of California Resources from a “hold” rating to a “buy” rating in a research report on Monday. UBS Group set a $78.00 price objective on shares of California Resources and gave the company a “buy” rating in a research report on Monday, May 11th. Barclays increased their price objective on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Finally, Wells Fargo & Company increased their price objective on shares of California Resources from $72.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average price target of $73.50.

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.