LSV Asset Management Sells 1,202,120 Shares of California Resources Corporation (NYSE:CRC)

Key Points

• LSV Asset Management reduced its stake in California Resources Corporation by 62.1%, selling 1,202,120 shares and retaining 733,195 shares, valued at approximately $32 million.
• California Resources reported a 100.9% year-over-year revenue increase to $912 million and earnings per share of $1.07, exceeding analyst expectations.
• The company announced a quarterly dividend of $0.3875 per share, representing an annual yield of 3.3% with a payout ratio of 28.13%.

LSV Asset Management trimmed its holdings in California Resources Corporation (NYSE:CRC - Free Report) by 62.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 733,195 shares of the oil and gas producer's stock after selling 1,202,120 shares during the quarter. LSV Asset Management owned approximately 0.81% of California Resources worth $32,239,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. First Trust Advisors LP lifted its holdings in shares of California Resources by 14.2% during the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock valued at $353,800,000 after purchasing an additional 845,694 shares during the last quarter. Palo Duro Investment Partners LP purchased a new position in shares of California Resources during the 4th quarter worth $20,752,000. Balyasny Asset Management L.P. grew its holdings in shares of California Resources by 285.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer's stock worth $16,532,000 after purchasing an additional 235,955 shares during the period. JPMorgan Chase & Co. increased its position in shares of California Resources by 158.7% during the 4th quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer's stock worth $19,448,000 after purchasing an additional 229,940 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in California Resources by 1,679.8% in the 4th quarter. Millennium Management LLC now owns 190,443 shares of the oil and gas producer's stock valued at $9,882,000 after buying an additional 179,743 shares during the period. Institutional investors own 97.79% of the company's stock.

California Resources Trading Down 3.4%

Shares of California Resources stock traded down $1.65 during trading hours on Thursday, hitting $47.15. The company's stock had a trading volume of 486,339 shares, compared to its average volume of 957,693. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74. The company has a market capitalization of $4.20 billion, a PE ratio of 6.44 and a beta of 1.16. The stock has a 50 day moving average of $46.95 and a 200 day moving average of $44.08. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.85%. The company had revenue of $978.00 million for the quarter, compared to analysts' expectations of $820.93 million. During the same period in the prior year, the firm earned $0.60 EPS. California Resources's quarterly revenue was up 90.3% compared to the same quarter last year. Analysts predict that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be paid a dividend of $0.3875 per share. The ex-dividend date of this dividend is Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 3.3%. California Resources's payout ratio is presently 21.17%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRC. Truist Financial raised California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Bank of America decreased their target price on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research report 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 note on Friday, May 30th. Finally, Citigroup raised 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. 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, California Resources currently has a consensus rating of "Buy" and an average price target 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.