17,892 California Resources Corporation $CRC Shares Acquired by Private Management Group Inc.

Private Management Group Inc. boosted its holdings in California Resources Corporation (NYSE:CRC) by 3.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 523,755 shares of the oil and gas producer’s stock after acquiring an additional 17,892 shares during the quarter. Private Management Group Inc.’s holdings in California Resources were worth $26,607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in California Resources during the 2nd quarter worth $63,205,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of California Resources during the 1st quarter valued at $62,698,000. Bank of America Corp DE lifted its stake in shares of California Resources by 57.1% in the 1st quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock valued at $40,543,000 after purchasing an additional 212,827 shares during the period. Janus Henderson Group PLC lifted its stake in shares of California Resources by 12.8% in the 1st quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer’s stock valued at $33,254,000 after purchasing an additional 54,703 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of California Resources by 13.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 431,545 shares of the oil and gas producer’s stock worth $22,294,000 after purchasing an additional 51,142 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

Insider Buying and Selling at California Resources

In other news, EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the transaction, the executive vice president directly owned 123,703 shares of the company’s stock, valued at $6,679,962. This trade represents a 8.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CRC shares. Stifel Nicolaus initiated coverage on California Resources in a research note on Thursday, September 10th. They set a “buy” rating and a $68.00 price objective for the company. Weiss Ratings downgraded California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, November 4th. Zacks Research upgraded California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Roth Capital restated a “buy” rating and set a $59.00 target price (up from $58.00) on shares of California Resources in a report on Thursday, September 17th. Finally, Seaport Research Partners began coverage on California Resources in a research report on Thursday, September 3rd. They set a “neutral” rating for the company. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, California Resources has an average rating of “Moderate Buy” and an average price target of $74.44.

California Resources Stock Down 0.2%

CRC stock opened at $46.88 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.51 and a quick ratio of 0.56. The stock has a market capitalization of $4.14 billion, a P/E ratio of -8.27 and a beta of 0.98. The business has a 50-day moving average of $53.15 and a 200-day moving average of $56.94. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98.

California Resources (NYSE:CRC) last announced its earnings results on Monday, November 2nd. The oil and gas producer reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.17. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $967.71 million. California Resources had a positive return on equity of 9.56% and a negative net margin of 18.11%. California Resources’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 EPS. On average, sell-side analysts anticipate that California Resources Corporation will post 4.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.68 annualized dividend and a dividend yield of 3.6%. This is an increase from California Resources’s previous quarterly dividend of $0.4050. California Resources’s dividend payout ratio (DPR) is -28.57%.

California Resources Company Profile

California Resources Corporation is an independent energy company focused on developing and producing oil and natural gas in California. Its operations include exploration, production and management of energy resources, with products that include crude oil, natural gas and natural gas liquids.

The company was formed in 2014 when it separated from Occidental Petroleum. Its activities are concentrated in California, where it operates across several major oil-producing regions. In 2024, California Resources completed its acquisition of Aera Energy, expanding its California operations.

Alongside its traditional energy business, the company is developing carbon management projects through its Carbon TerraVault subsidiary.