California Resources Corporation $CRC Shares Sold by Cim LLC

Cim LLC cut its stake in shares of California Resources Corporation (NYSE:CRC) by 4.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,636 shares of the oil and gas producer’s stock after selling 406 shares during the quarter. Cim LLC’s holdings in California Resources were worth $380,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. American Century Companies Inc. grew its stake in shares of California Resources by 10.7% during the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock worth $113,274,000 after purchasing an additional 248,448 shares during the period. Orbis Allan Gray Ltd grew its stake in shares of California Resources by 3.0% during the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock worth $52,713,000 after purchasing an additional 34,593 shares during the period. Sourcerock Group LLC grew its stake in shares of California Resources by 6.5% during the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer’s stock worth $56,298,000 after purchasing an additional 65,981 shares during the period. Victory Capital Management Inc. grew its stake in California Resources by 4.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer’s stock valued at $46,780,000 after acquiring an additional 44,938 shares during the last quarter. Finally, Private Management Group Inc. grew its stake in California Resources by 11.5% in the 1st quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer’s stock valued at $39,085,000 after acquiring an additional 91,737 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Citigroup increased their price objective on shares of California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Barclays raised shares of California Resources from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Bank of America increased their price objective on shares of California Resources from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, September 3rd. UBS Group increased their price objective on shares of California Resources from $61.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Finally, JPMorgan Chase & Co. raised shares of California Resources from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $63.91.

California Resources Price Performance

California Resources stock opened at $52.50 on Friday. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $60.41. The stock has a market capitalization of $4.39 billion, a P/E ratio of 7.17 and a beta of 1.16. The firm’s 50-day moving average is $48.85 and its two-hundred day moving average is $44.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.19. The company had revenue of $978.00 million for the quarter, compared to analysts’ expectations of $820.93 million. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The firm’s revenue for the quarter was up 90.3% compared to the same quarter last year. During the same period last year, the company earned $0.60 EPS. Equities analysts predict that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th will be issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, August 27th. California Resources’s dividend payout ratio is presently 21.17%.

California Resources 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.