California Resources Corporation $CRC Stock Holdings Lowered by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. reduced its position in shares of California Resources Corporation (NYSE:CRC - Free Report) by 5.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 977,546 shares of the oil and gas producer's stock after selling 54,270 shares during the period. Charles Schwab Investment Management Inc. owned 1.08% of California Resources worth $42,983,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CRC. Wells Fargo & Company MN boosted its position in shares of California Resources by 78.4% in the fourth quarter. Wells Fargo & Company MN now owns 56,798 shares of the oil and gas producer's stock worth $2,947,000 after acquiring an additional 24,960 shares during the last quarter. Bank of Montreal Can raised its holdings in California Resources by 101.7% in the fourth quarter. Bank of Montreal Can now owns 8,033 shares of the oil and gas producer's stock valued at $417,000 after buying an additional 4,050 shares during the period. Sterling Capital Management LLC raised its holdings in California Resources by 833.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer's stock valued at $115,000 after buying an additional 1,983 shares during the period. Summit Investment Advisors Inc. raised its holdings in California Resources by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer's stock valued at $374,000 after buying an additional 228 shares during the period. Finally, Marshall Wace LLP purchased a new position in California Resources in the fourth quarter valued at approximately $3,664,000. 97.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CRC. JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and raised their price target for the company from $60.00 to $63.00 in a report on Tuesday, July 15th. Roth Capital reiterated a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Finally, Citigroup lifted 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. Two equities research 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $63.00.

California Resources Stock Performance

California Resources stock traded up $1.3650 during mid-day trading on Friday, reaching $49.4550. The company's stock had a trading volume of 167,087 shares, compared to its average volume of 944,457. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of 6.74 and a beta of 1.16. The business has a 50 day moving average price of $47.65 and a 200-day moving average price of $43.79. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS 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 net margin of 16.14% and a return on equity of 11.95%. The firm's revenue was up 90.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 earnings per share. Sell-side analysts predict that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 3.1%. California Resources's payout ratio is 21.17%.

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.