SSgA Funds Management, Inc. recently announced the acquisition of new stake in California Resources Corporation (NYSE:CRC). The institutional investor has increased its shareholding in the Energy company by 4.01% to 3.53 million shares with purchase of 0.14 million shares. This fresh investment now brings its stake to 5.14% valued currently at $180.63 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.27 million to 3.11 million shares. And LSV Asset Management has lifted its position by 101.97% or 1.49 million shares – to 2.94 million shares.
With over 0.48 million California Resources Corporation (CRC) shares trading Friday and a closing price of $54.30 on the day, the dollar volume was approximately $26.24 million. The shares have shown a positive half year performance of 25.61% and its price on 12/22/23 lost nearly -0.79%. Currently, there are 71.95M common shares owned by the public and among those 57.33M shares have been available to trade.
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Insiders at the company have transacted a total of 35 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 665,927 shares. Insider sales of the common stock occurred on 10 occasions, with total insider shares sold totaling 140,645 shares.
The top 3 mutual fund holders in California Resources Corporation are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. iShares Core S&P Small Cap ETF owns 4.34 million shares of the company’s stock, all valued at over $222.14 million. The company bought an additional 2052.0 shares recently to bring their total holdings to about 6.32% of the shares outstanding. Vanguard Total Stock Market ETF bought 3544.0 shares to see its total holdings expand to 2.19 million shares valued at over $112.09 million and representing 3.19% of the shares outstanding. Vanguard Small Cap Index Fund bought 8324.0 shares to bring its total holdings to over 1.79 million shares at a value of $91.5 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.60% of the shares outstanding.
Shares of California Resources Corporation (NYSE: CRC) opened at $54.95, up $0.22 from a prior closing price of $54.73. However, the script later moved the day high at 55.12, down -0.79%. The company’s stock has a 5-day price change of 4.48% and -4.11% over the past three months. CRC shares are trading 24.80% year to date (YTD), with the 12-month market performance up to 25.52% higher. It has a 12-month low price of $34.02 and touched a high of $58.44 over the same period. CRC has an average intraday trading volume of 588.38K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.53%, 4.25%, and 13.75% respectively.
Institutional ownership of California Resources Corporation (NYSE: CRC) shares accounts for 90.08% of the company’s 71.95M shares outstanding. Mutual fund holders own 35.08%, while other institutional holders and individual stakeholders account for 55.10% and 24.33% respectively.
It has a market capitalization of $3.73B and a beta (3y monthly) value of 1.50. The stock’s trailing 12-month PE ratio is 8.71, while the earnings-per-share (ttm) stands at $6.23. The company has a PEG of 1.24 and a Quick Ratio of 1.24 with the debt-to-equity ratio at 0.32. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.78% over the week and 2.30% over the month.
Analysts forecast that California Resources Corporation (CRC) will achieve an EPS of $0.88 for the current quarter, $1.53 for the next quarter and $5.91 for 2024. The lowest estimate earnings-per-share for the quarter is $0.54 while analysts give the company a high EPS estimate of $1.33. Comparatively, EPS for the current quarter was $1.24 a year ago. Earnings per share for the fiscal year are expected to increase by 7.61%, and 18.14% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate California Resources Corporation (CRC) as a “Strong Buy” at a consensus score of 1.25. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 1 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CRC, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on February 24, 2023, with the firm’s price target at $51-$60.
