CX Institutional Lowers Stock Holdings in California Resources Co. (NYSE:CRC)

CX Institutional trimmed its holdings in California Resources Co. (NYSE:CRC - Free Report) by 80.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CRC. Bank of New York Mellon Corp increased its holdings in shares of California Resources by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer's stock worth $38,350,000 after buying an additional 14,240 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of California Resources by 1.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer's stock worth $2,869,000 after acquiring an additional 649 shares during the last quarter. Sterling Capital Management LLC raised its holdings in shares of California Resources by 833.2% in the 4th quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer's stock worth $115,000 after acquiring an additional 1,983 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of California Resources by 5.7% in the 4th quarter. Rhumbline Advisers now owns 214,736 shares of the oil and gas producer's stock worth $11,143,000 after acquiring an additional 11,547 shares during the last quarter. Finally, New York State Common Retirement Fund increased its stake in California Resources by 7.5% in the 4th quarter. New York State Common Retirement Fund now owns 167,367 shares of the oil and gas producer's stock valued at $8,685,000 after buying an additional 11,681 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Price Performance

NYSE:CRC traded up $1.01 during trading hours on Friday, reaching $47.27. 911,603 shares of the company were exchanged, compared to its average volume of 863,290. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. California Resources Co. has a twelve month low of $30.97 and a twelve month high of $60.41. The stock's 50-day moving average is $39.73 and its 200-day moving average is $45.58. The firm has a market cap of $4.22 billion, a PE ratio of 7.44, a price-to-earnings-growth ratio of 1.02 and a beta of 1.17.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, beating the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business's revenue for the quarter was up 100.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.75 earnings per share. On average, sell-side analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a $0.3875 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.28%. California Resources's payout ratio is 28.13%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $50.00 to $60.00 in a research report on Friday, May 30th. Citigroup raised their price objective on shares of California Resources from $36.00 to $44.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. Roth Capital restated a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Mizuho cut their target price on shares of California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $61.27.

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.