California Resources Corporation $CRC Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its stake in California Resources Corporation (NYSE:CRC) by 41.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,836 shares of the oil and gas producer’s stock after selling 12,121 shares during the quarter. State of Alaska Department of Revenue’s holdings in California Resources were worth $854,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRC. Fortitude Family Office LLC increased its stake in shares of California Resources by 1,073.6% during the 3rd quarter. Fortitude Family Office LLC now owns 2,089 shares of the oil and gas producer’s stock worth $106,000 after purchasing an additional 1,911 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of California Resources by 15.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,175 shares of the oil and gas producer’s stock worth $110,000 after purchasing an additional 296 shares during the period. Farther Finance Advisors LLC lifted its stake in California Resources by 83.1% in the third quarter. Farther Finance Advisors LLC now owns 3,819 shares of the oil and gas producer’s stock valued at $194,000 after purchasing an additional 1,733 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in California Resources in the second quarter valued at approximately $109,000. Finally, Corient Private Wealth LP lifted its stake in California Resources by 61.2% in the second quarter. Corient Private Wealth LP now owns 11,799 shares of the oil and gas producer’s stock valued at $624,000 after purchasing an additional 4,479 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president directly owned 123,703 shares in the company, valued at approximately $6,679,962. The trade was a 8.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 35,721 shares of company stock worth $1,928,934. Insiders own 0.53% of the company’s stock.

California Resources Stock Down 1.5%

California Resources stock opened at $53.48 on Thursday. California Resources Corporation has a 1-year low of $43.24 and a 1-year high of $71.98. The firm has a market capitalization of $4.75 billion, a price-to-earnings ratio of -39.32 and a beta of 1.02. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The firm has a 50 day simple moving average of $53.49 and a 200 day simple moving average of $56.53.

California Resources (NYSE:CRC) last issued its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The company’s revenue was up 33.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.10 EPS. On average, analysts predict that California Resources Corporation will post 4.04 earnings per share for the current year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were given a $0.4050 dividend. The ex-dividend date was Friday, September 4th. This represents a $1.62 annualized dividend and a dividend yield of 3.0%. California Resources’s payout ratio is -119.12%.

Analysts Set New Price Targets

CRC has been the subject of a number of recent research reports. Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 26th. Citigroup dropped their price target on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Stephens cut their price target on California Resources from $93.00 to $91.00 and set an “overweight” rating for the company in a research note on Friday, September 18th. Seaport Research Partners started coverage on California Resources in a research note on Thursday, September 3rd. They set a “neutral” rating for the company. Finally, Roth Capital reissued a “buy” rating and issued a $59.00 price objective (up from $58.00) on shares of California Resources in a report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.44.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.