Brandywine Global Investment Management LLC Sells 9,898 Shares of California Resources Corporation $CRC

Brandywine Global Investment Management LLC lowered its stake in shares of California Resources Corporation (NYSE:CRC) by 3.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 283,794 shares of the oil and gas producer’s stock after selling 9,898 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in California Resources were worth $12,688,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Clearstead Advisors LLC lifted its holdings in California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 226 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in California Resources during the third quarter valued at about $36,000. Allworth Financial LP lifted its holdings in California Resources by 328.6% during the third quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock valued at $41,000 after purchasing an additional 598 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in California Resources during the fourth quarter valued at about $47,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in California Resources by 242.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock valued at $67,000 after purchasing an additional 1,045 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Trading Up 2.9%

Shares of California Resources stock opened at $60.04 on Tuesday. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98. The company has a market cap of $5.33 billion, a price-to-earnings ratio of -11.55 and a beta of 0.91. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $63.74 and its 200-day moving average price is $56.42.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The firm had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. During the same period in the prior year, the firm posted $1.07 earnings per share. The company’s revenue for the quarter was down 87.0% on a year-over-year basis. On average, equities analysts expect that California Resources Corporation will post 5.56 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Friday, May 29th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, May 29th. California Resources’s dividend payout ratio is presently -31.15%.

Analyst Upgrades and Downgrades

CRC has been the topic of several recent research reports. Wall Street Zen downgraded shares of California Resources from a “buy” rating to a “hold” rating in a report on Sunday. Barclays upped their price objective on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Wells Fargo & Company upped their price objective on shares of California Resources from $72.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. Weiss Ratings downgraded shares of California Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 8th. Finally, TD Cowen raised shares of California Resources to a “strong-buy” rating in a report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, California Resources has a consensus rating of “Moderate Buy” and a consensus price target of $73.50.

Insider Activity at California Resources

In related news, EVP Christopher D. Gould sold 24,347 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total value of $1,514,626.87. Following the transaction, the executive vice president directly owned 131,537 shares in the company, valued at approximately $8,182,916.77. This represents a 15.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jay A. Bys sold 11,907 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total transaction of $734,423.76. Following the completion of the transaction, the executive vice president owned 171,331 shares in the company, valued at approximately $10,567,696.08. This trade represents a 6.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by corporate insiders.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.