Teza Capital Management LLC Sells 11,757 Shares of California Resources Corporation $CRC

Key Points

• Teza Capital Management LLC reduced its stake in California Resources Corporation by 65.2%, leaving it with 6,270 shares worth $276,000.
• California Resources Corporation reported $1.10 EPS for the most recent quarter, exceeding estimates and demonstrating a 90.3% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.3875 per share, representing a dividend yield of 3.1%, to be paid on September 12th.

Teza Capital Management LLC lessened its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 65.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,270 shares of the oil and gas producer's stock after selling 11,757 shares during the quarter. Teza Capital Management LLC's holdings in California Resources were worth $276,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. American Century Companies Inc. lifted its position in California Resources by 10.7% in the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer's stock valued at $113,274,000 after acquiring an additional 248,448 shares in the last quarter. Orbis Allan Gray Ltd lifted its position in shares of California Resources by 3.0% during the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer's stock worth $52,713,000 after buying an additional 34,593 shares in the last quarter. Sourcerock Group LLC lifted its position in shares of California Resources by 6.5% during the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock worth $56,298,000 after buying an additional 65,981 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of California Resources by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer's stock worth $46,780,000 after purchasing an additional 44,938 shares during the last quarter. Finally, Private Management Group Inc. increased its stake in shares of California Resources by 11.5% during the 1st quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer's stock worth $39,085,000 after purchasing an additional 91,737 shares during the last quarter. Institutional investors own 97.79% of the company's stock.

California Resources Price Performance

CRC traded up $0.62 during trading on Friday, hitting $53.04. 969,907 shares of the company traded hands, compared to its average volume of 835,399. The company has a market cap of $4.44 billion, a PE ratio of 7.25 and a beta of 1.16. The stock's 50-day simple moving average is $48.96 and its two-hundred day simple moving average is $44.09. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $60.41. 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 (NYSE:CRC - Get Free Report) last issued 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. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The business had revenue of $978.00 million during the quarter, compared to analysts' expectations of $820.93 million. During the same period last year, the company posted $0.60 EPS. The business's revenue was up 90.3% on a year-over-year basis. As a group, sell-side analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were paid a dividend of $0.3875 per share. The ex-dividend date of this dividend was Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.9%. California Resources's payout ratio is currently 21.17%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Roth Capital restated a "buy" rating on shares of California Resources in a research report on Saturday, July 19th. Mizuho upped their target price on shares of California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. raised shares of California Resources from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $60.00 to $63.00 in a research note on Tuesday, July 15th. Citigroup upped 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. Finally, Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $50.00 to $60.00 in a research report on Friday, May 30th. 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. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $63.91.

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.