CX Institutional Sells 21,409 Shares of California Resources Corporation (NYSE:CRC)

CX Institutional trimmed its position in California Resources Corporation (NYSE:CRC - Free Report) by 80.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,115 shares of the oil and gas producer's stock after selling 21,409 shares during the period. CX Institutional's holdings in California Resources were worth $225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbor Capital Advisors Inc. lifted its holdings in shares of California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after purchasing an additional 316 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of California Resources by 331.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock valued at $53,000 after acquiring an additional 812 shares in the last quarter. Lazard Asset Management LLC grew its stake 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 valued at $81,000 after purchasing an additional 1,571 shares in the last quarter. Sterling Capital Management LLC increased its holdings in California Resources by 833.2% during the fourth quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer's stock worth $115,000 after buying an additional 1,983 shares during the last quarter. Finally, State of Wyoming acquired a new stake in California Resources in the 4th quarter valued at about $131,000. 97.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on CRC shares. Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. Royal Bank Of Canada reduced 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. Bank of America lowered their price target on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Roth Capital reiterated a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Finally, Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Three analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.27.

California Resources Stock Down 2.1%

Shares of CRC stock traded down $0.99 on Wednesday, reaching $46.10. 422,106 shares of the company were exchanged, compared to its average volume of 859,634. California Resources Corporation has a one year low of $30.97 and a one year high of $60.41. The company has a market cap of $4.11 billion, a price-to-earnings ratio of 8.36 and a beta of 1.17. The company has a 50-day moving average of $40.24 and a 200-day moving average of $45.42. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million for the quarter, compared to analyst estimates of $862.14 million. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The firm's revenue was up 100.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.75 EPS. Analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date was Friday, May 30th. California Resources's dividend payout ratio is currently 28.13%.

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.