California Resources Corp
In the published model solve dated 2026-Q2, anchored at $51.66, California Resources Corp (CRC) is priced for -2.2% 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: 2026-10-13 (items 2.02); 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).
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.