Hussman Strategic Advisors Inc. Sells 14,000 Shares of California Resources Corporation (NYSE:CRC)

Hussman Strategic Advisors Inc. lessened its holdings in California Resources Corporation (NYSE:CRC - Free Report) by 93.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,000 shares of the oil and gas producer's stock after selling 14,000 shares during the period. Hussman Strategic Advisors Inc.'s holdings in California Resources were worth $44,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CRC. Vanguard Group Inc. increased its position in shares of California Resources by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock worth $484,953,000 after purchasing an additional 225,620 shares during the last quarter. First Trust Advisors LP increased its position in shares of California Resources by 14.2% in the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock worth $353,800,000 after purchasing an additional 845,694 shares during the last quarter. American Century Companies Inc. increased its position in shares of California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer's stock worth $120,785,000 after purchasing an additional 290,263 shares during the last quarter. Geode Capital Management LLC increased its position in shares of California Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock worth $83,344,000 after purchasing an additional 13,116 shares during the last quarter. Finally, Sourcerock Group LLC boosted its holdings in shares of California Resources by 6.5% in the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock valued at $56,298,000 after buying an additional 65,981 shares during the period. Hedge funds and other institutional investors own 97.79% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CRC. Royal Bank Of Canada reduced their target price on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. Citigroup boosted their target price on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Finally, Bank of America dropped their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $62.27.

California Resources Stock Up 6.8%

Shares of NYSE CRC traded up $3.28 during midday trading on Friday, reaching $51.31. The company's stock had a trading volume of 2,423,644 shares, compared to its average volume of 848,705. The company has a current ratio of 0.83, a quick ratio of 0.74 and a debt-to-equity ratio of 0.25. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of 9.31 and a beta of 1.16. The stock has a 50 day simple moving average of $45.37 and a 200-day simple moving average of $44.39.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million for the quarter, compared to the consensus estimate 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 period last year, the company earned $0.75 earnings per share. Equities research analysts predict that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The business also recently disclosed 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 of this dividend was Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.02%. California Resources's dividend payout ratio is currently 28.13%.

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.