CX Institutional Sells 21,409 Shares of California Resources Co. (NYSE:CRC)

CX Institutional lowered its stake in shares of California Resources Co. (NYSE:CRC) by 80.7% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 5,115 shares of the oil and gas producer’s stock after selling 21,409 shares during the period. CX Institutional’s holdings in California Resources were worth $225,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the stock. Arizona State Retirement System grew its position in California Resources by 1.2% during the fourth quarter. Arizona State Retirement System now owns 18,199 shares of the oil and gas producer’s stock valued at $944,000 after buying an additional 222 shares during the period. Summit Investment Advisors Inc. boosted its position in California Resources by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer’s stock worth $374,000 after purchasing an additional 228 shares during the period. Harbor Capital Advisors Inc. boosted its position in California Resources by 68.8% during the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 316 shares during the period. Mutual of America Capital Management LLC boosted its position in California Resources by 3.5% during the fourth quarter. Mutual of America Capital Management LLC now owns 10,835 shares of the oil and gas producer’s stock worth $562,000 after purchasing an additional 371 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its position in California Resources by 5.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,929 shares of the oil and gas producer’s stock worth $360,000 after purchasing an additional 372 shares during the period. Institutional investors own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRC. Mizuho cut their target price on shares of California Resources from $64.00 to $60.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Barclays upgraded shares of California Resources from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, May 20th. Roth Capital reiterated a “buy” rating on shares of California Resources in a research report on Wednesday, May 7th. Finally, Truist Financial upgraded shares of California Resources to a “strong-buy” rating in a research report on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.27.

California Resources Price Performance

CRC stock opened at $47.27 on Friday. The firm has a 50 day moving average of $39.73 and a 200-day moving average of $45.58. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. California Resources Co. has a 12 month low of $30.97 and a 12 month high of $60.41. The firm has a market capitalization of $4.22 billion, a P/E ratio of 7.44, a price-to-earnings-growth ratio of 1.02 and a beta of 1.17.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. During the same period in the previous year, the business posted $0.75 earnings per share. California Resources’s revenue for the quarter was up 100.9% on a year-over-year basis. As a group, sell-side analysts predict that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.28%. The ex-dividend date was Friday, May 30th. California Resources’s dividend payout ratio (DPR) is presently 28.13%.

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.