Royce & Associates LP Has $698,000 Stake in California Resources Corporation (NYSE:CRC)

Royce & Associates LP lowered its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 25.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 15,880 shares of the oil and gas producer's stock after selling 5,406 shares during the period. Royce & Associates LP's holdings in California Resources were worth $698,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in CRC. Larson Financial Group LLC raised its position in California Resources by 269.4% in the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after purchasing an additional 316 shares in the last quarter. Lazard Asset Management LLC raised its position in California Resources by 52,366.7% in the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock worth $81,000 after purchasing an additional 1,571 shares in the last quarter. Sterling Capital Management LLC raised its position 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 worth $115,000 after purchasing an additional 1,983 shares in the last quarter. Finally, State of Wyoming acquired a new position in California Resources in the fourth quarter worth about $131,000. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Trading Down 2.8%

CRC stock traded down $1.35 during midday trading on Friday, reaching $46.83. The company's stock had a trading volume of 778,834 shares, compared to its average volume of 878,803. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41. The stock has a market cap of $4.18 billion, a PE ratio of 8.50 and a beta of 1.16. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25. The business's 50-day simple moving average is $46.62 and its 200-day simple moving average is $44.20.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The firm had revenue of $912.00 million for the quarter, compared to analysts' expectations of $862.14 million. During the same period last year, the firm earned $0.75 earnings per share. The business's revenue for the quarter was up 100.9% on a year-over-year basis. As a group, sell-side analysts expect that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a $0.3875 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.3%. California Resources's dividend payout ratio (DPR) is 28.13%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Bank of America dropped their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Royal Bank Of Canada decreased their price objective on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. Finally, Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $62.27.

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.