Maverick Capital Ltd. Has $1.46 Million Stake in California Resources Co. (NYSE:CRC)

Maverick Capital Ltd. grew its holdings in California Resources Co. (NYSE:CRC) by 362.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,490 shares of the oil and gas producer’s stock after acquiring an additional 21,545 shares during the quarter. Maverick Capital Ltd.’s holdings in California Resources were worth $1,463,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Lazard Asset Management LLC increased its stake in California Resources by 3.7% during the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after purchasing an additional 253 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of California Resources by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock valued at $1,719,000 after buying an additional 400 shares during the period. Texas Permanent School Fund Corp increased its position in shares of California Resources by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock worth $3,111,000 after acquiring an additional 738 shares in the last quarter. Bfsg LLC raised its holdings in shares of California Resources by 15.4% during the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock worth $339,000 after acquiring an additional 851 shares during the period. Finally, ProShare Advisors LLC lifted its position in California Resources by 7.5% in the 1st quarter. ProShare Advisors LLC now owns 13,937 shares of the oil and gas producer’s stock valued at $768,000 after acquiring an additional 967 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRC. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 target price on shares of California Resources in a report on Monday, August 12th. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and lifted their target price for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Barclays reduced their price target on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. TD Cowen started coverage on shares of California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 price target for the company. Finally, Citigroup boosted their price objective on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average target price of $64.00.

California Resources Trading Up 3.4 %

NYSE CRC opened at $51.47 on Friday. California Resources Co. has a 12 month low of $43.09 and a 12 month high of $58.19. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The stock has a 50 day moving average of $50.15 and a 200-day moving average of $51.11. The company has a market cap of $3.53 billion, a PE ratio of 14.75, a PEG ratio of 1.31 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The firm had revenue of $514.00 million during the quarter, compared to analyst estimates of $477.07 million. During the same quarter in the prior year, the business earned $0.53 EPS. The business’s revenue was down 13.0% compared to the same quarter last year. On average, equities research analysts anticipate that California Resources Co. will post 3.45 EPS for the current fiscal year.

California Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $0.3875 per share. The ex-dividend date was Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a yield of 3.01%. This is a boost from California Resources’s previous quarterly dividend of $0.31. California Resources’s dividend payout ratio (DPR) is presently 44.41%.

Insiders Place Their Bets

In other California Resources news, Director Christian S. Kendall acquired 20,895 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the transaction, the director now directly owns 24,600 shares in the company, valued at approximately $1,180,062. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other California Resources news, Director Christian S. Kendall purchased 20,895 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the purchase, the director now owns 24,600 shares in the company, valued at $1,180,062. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at approximately $916,953. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.