California Resources Corporation $CRC Shares Sold by Clayton Partners LLC

Key Points

• Clayton Partners LLC reduced its stake in California Resources Corporation by 22.7% during the first quarter, making CRC its 8th largest holding with approximately $4.7 million in shares.
• Analysts have shown a positive outlook on CRC, with several firms increasing their price targets, with Barclays lifting it to $60.00 and UBS to $63.00, reflecting a consensus rating of "Buy".
• California Resources announced a quarterly dividend of $0.3875, resulting in an annualized yield of 3.1%, with a dividend payout ratio of 21.17%.

Clayton Partners LLC trimmed its position in California Resources Corporation (NYSE:CRC - Free Report) by 22.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 107,246 shares of the oil and gas producer's stock after selling 31,411 shares during the period. California Resources accounts for approximately 4.1% of Clayton Partners LLC's investment portfolio, making the stock its 8th biggest position. Clayton Partners LLC owned 0.12% of California Resources worth $4,716,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Trexquant Investment LP lifted its stake in shares of California Resources by 1,739.6% in the 1st quarter. Trexquant Investment LP now owns 162,084 shares of the oil and gas producer's stock valued at $7,127,000 after acquiring an additional 153,273 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new position in shares of California Resources in the 1st quarter valued at $1,389,000. Rafferty Asset Management LLC raised its position in California Resources by 1.6% during the 1st quarter. Rafferty Asset Management LLC now owns 69,170 shares of the oil and gas producer's stock worth $3,041,000 after purchasing an additional 1,084 shares during the last quarter. Penn Capital Management Company LLC raised its position in California Resources by 7.8% during the 1st quarter. Penn Capital Management Company LLC now owns 218,034 shares of the oil and gas producer's stock worth $9,598,000 after purchasing an additional 15,706 shares during the last quarter. Finally, Jump Financial LLC bought a new position in California Resources during the 1st quarter worth $759,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Trading Up 0.2%

California Resources stock traded up $0.08 during trading hours on Wednesday, reaching $50.09. 190,170 shares of the company's stock were exchanged, compared to its average volume of 933,451. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. The firm's 50 day simple moving average is $48.18 and its 200 day simple moving average is $43.88. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $60.41. The firm has a market capitalization of $4.19 billion, a PE ratio of 6.84 and a beta of 1.16.

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

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th will be paid a $0.3875 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 3.1%. California Resources's dividend payout ratio (DPR) is currently 21.17%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Citigroup raised their target price on California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Mizuho raised their target price on California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Bank of America raised their target price on California Resources from $53.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday. Truist Financial raised California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research report on Saturday, July 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $63.91.

California Resources Company 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.