Dimensional Fund Advisors LP Sells 370,858 Shares of California Resources Corporation $CRC

Key Points

• Dimensional Fund Advisors LP reduced its stake in California Resources Corporation by 10.4%, now holding approximately 3.58% of the company with a value of $140.55 million.
• California Resources reported a 90.3% year-over-year increase in revenue, reaching $978 million and exceeding analysts' expectations.
• The company announced a quarterly dividend of $0.3875 per share, representing an annualized dividend yield of 3.2%.

Dimensional Fund Advisors LP lessened its holdings in California Resources Corporation (NYSE:CRC - Free Report) by 10.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,196,577 shares of the oil and gas producer's stock after selling 370,858 shares during the quarter. Dimensional Fund Advisors LP owned 3.58% of California Resources worth $140,553,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sourcerock Group LLC raised its stake in California Resources by 6.5% in the fourth quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock valued at $56,298,000 after purchasing an additional 65,981 shares in the last quarter. Victory Capital Management Inc. raised its stake in California Resources by 4.4% in the first 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 purchasing an additional 44,938 shares in the last quarter. Private Management Group Inc. raised its stake in California Resources by 11.5% in the first quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer's stock valued at $39,085,000 after purchasing an additional 91,737 shares in the last quarter. Northern Trust Corp raised its stake in California Resources by 6.1% in the fourth quarter. Northern Trust Corp now owns 854,661 shares of the oil and gas producer's stock valued at $44,348,000 after purchasing an additional 48,858 shares in the last quarter. Finally, DAVENPORT & Co LLC raised its stake in California Resources by 7.7% in the first quarter. DAVENPORT & Co LLC now owns 788,286 shares of the oil and gas producer's stock valued at $34,552,000 after purchasing an additional 56,574 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Bank of America lowered their target price on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. UBS Group boosted their target price on California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Finally, Mizuho boosted their target price on California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, California Resources currently has an average rating of "Buy" and an average target price of $63.00.

California Resources Trading Down 0.3%

Shares of NYSE:CRC traded down $0.1280 during midday trading on Monday, hitting $49.7820. 238,789 shares of the stock were exchanged, compared to its average volume of 943,302. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 6.79 and a beta of 1.16. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. The business's 50-day moving average price is $47.70 and its 200 day moving average price is $43.74. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $60.41.

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

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Wednesday, August 27th will be issued a $0.3875 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 3.1%. 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.