KBC Group NV Sells 1,549 Shares of California Resources Corporation $CRC

KBC Group NV lowered its stake in shares of California Resources Corporation (NYSE:CRC) by 43.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,020 shares of the oil and gas producer’s stock after selling 1,549 shares during the quarter. KBC Group NV’s holdings in California Resources were worth $92,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRC. Voya Investment Management LLC increased its position in shares of California Resources by 27.6% during the first quarter. Voya Investment Management LLC now owns 52,384 shares of the oil and gas producer’s stock valued at $2,303,000 after acquiring an additional 11,336 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in California Resources in the 2nd quarter worth about $1,267,000. Pallas Capital Advisors LLC bought a new stake in shares of California Resources in the second quarter valued at approximately $362,000. Wealth Enhancement Advisory Services LLC bought a new stake in California Resources during the 2nd quarter valued at $624,000. Finally, Swiss National Bank raised its stake in shares of California Resources by 0.6% during the 1st quarter. Swiss National Bank now owns 124,000 shares of the oil and gas producer’s stock valued at $5,452,000 after purchasing an additional 700 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Performance

Shares of California Resources stock opened at $46.18 on Friday. The firm’s 50-day moving average is $50.14 and its 200 day moving average is $48.01. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $60.08. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 10.74 and a beta of 1.15.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.15. The company had revenue of $855.00 million during the quarter, compared to analyst estimates of $888.58 million. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The firm’s revenue for the quarter was down 36.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.50 EPS. Sell-side analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.405 per share. The ex-dividend date is Monday, December 1st. This represents a $1.62 annualized dividend and a yield of 3.5%. This is an increase from California Resources’s previous quarterly dividend of $0.39. California Resources’s dividend payout ratio (DPR) is currently 36.05%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Bank of America upped their target price on shares of California Resources from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price target on shares of California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Barclays boosted their price objective on California Resources from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Finally, Roth Capital set a $63.00 target price on shares of California Resources in a report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.27.

About California Resources

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.