DAVENPORT & Co LLC Sells 45,454 Shares of California Resources Corporation $CRC

DAVENPORT & Co LLC decreased its position in California Resources Corporation (NYSE:CRC) by 5.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 755,729 shares of the oil and gas producer’s stock after selling 45,454 shares during the quarter. DAVENPORT & Co LLC owned 0.90% of California Resources worth $33,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CRC. Clearstead Advisors LLC grew its holdings in shares of California Resources by 82.5% in 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 in the last quarter. Salomon & Ludwin LLC bought a new stake in California Resources in the third quarter worth $29,000. FNY Investment Advisers LLC purchased a new stake in California Resources during the third quarter valued at $36,000. Allworth Financial LP raised its stake 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 in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in California Resources by 29.7% during the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 219 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CRC shares. Wall Street Zen raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday. Citigroup increased their price target on shares of California Resources from $51.00 to $67.00 and gave the company a “neutral” rating in a report on Wednesday, March 18th. UBS Group lifted their price target on California Resources from $63.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Wells Fargo & Company boosted their price objective on California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. Finally, Barclays upped their price objective on California Resources from $67.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, March 16th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, California Resources has an average rating of “Moderate Buy” and a consensus target price of $69.80.

Insider Activity at California Resources

In other California Resources news, Director Mark Allen Mcfarland sold 16,372 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $64.83, for a total value of $1,061,396.76. Following the transaction, the director directly owned 76,265 shares in the company, valued at $4,944,259.95. This represents a 17.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christopher D. Gould sold 24,347 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $62.21, for a total transaction 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 trade represents a 15.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 72,283 shares of company stock worth $4,636,646. 0.63% of the stock is currently owned by corporate insiders.

California Resources Price Performance

CRC opened at $65.36 on Wednesday. The business has a fifty day moving average of $56.99 and a 200 day moving average of $51.52. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $66.56. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. The stock has a market cap of $5.80 billion, a P/E ratio of 16.02 and a beta of 1.12.

California Resources (NYSE:CRC) last released its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The business had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. During the same quarter in the previous year, the business earned $0.91 EPS. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, sell-side analysts anticipate that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 13th were paid a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, March 13th. California Resources’s dividend payout ratio (DPR) is currently 39.71%.

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.