California Resources Corp
In the published model solve dated 2026-Q2, anchored at $52.23, California Resources Corp (CRC) is priced for -1.7% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• The advantage here is regulatory rather than geological, since the 10-K states ⟦"We are the largest operator in California and currently operate all of our core oil and gas fields"⟧, in the one state where permitting a new competitor is close to impossible. • Today's price works off through-the-cycle economics rather than current ones, because trailing operating income is negative at $160 million against a normalized figure near $467 million, and the March 2026 quarter produced a net loss of $
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340 institutional managers reported holding CRC in 13F filings for the quarter ended 2026-03-31. 67 opened new positions that quarter. Held by BlackRock, Vanguard Group, CPP Investment Board, among others. On the short side, 3.4M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (5.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CRC's share count grew 6.7% over the past five years even with $1.17B spent on repurchases. It pays a dividend, and has for 5 years running, raised 4 years straight; the current rate is $1.57 a share annually. Cash returned over the past three years: $326.00M in dividends and $635.00M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at CRC over the trailing three years: 2024: 2 buys totaling $1.02M; 2025: 4 buys totaling $361k. 17 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CRC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-02 | -2.5% | +2.8% |
| 2023-11-03 | -0.5% | -0.6% |
| 2024-02-29 | -2.4% | -1.3% |
| 2024-05-09 | -4.8% | +5.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CRC's latest 8-K filings: 2026-08-10 (items 2.02, 9.01); 2026-07-14 (items 2.02); 2026-06-26 (items 1.01, 2.03, 9.01); 2026-06-16 (items 8.01, 9.01); 2026-06-16 (items 2.02, 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.