Northern Trust Corp Sells 39,551 Shares of California Resources Corporation $CRC

Key Points

• Northern Trust Corp has reduced its holdings in California Resources Corporation by 4.6%, now owning 815,110 shares valued at approximately $35.8 million.
• California Resources posted a strong quarterly performance, reporting earnings of $1.10 per share and a significant revenue increase of 90.3% year-over-year.
• The company declared a quarterly dividend of $0.3875 per share, representing an annualized yield of 3.1% for shareholders of record.

Northern Trust Corp decreased its position in California Resources Corporation (NYSE:CRC - Free Report) by 4.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 815,110 shares of the oil and gas producer's stock after selling 39,551 shares during the period. Northern Trust Corp owned about 0.91% of California Resources worth $35,840,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of CRC. Larson Financial Group LLC lifted its stake 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 valued at $28,000 after acquiring an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in California Resources by 68.8% during the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after acquiring an additional 316 shares during the period. Lazard Asset Management LLC raised its holdings in California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock valued at $81,000 after acquiring an additional 1,571 shares in the last quarter. State of Wyoming acquired a new stake in California Resources during the fourth quarter worth about $131,000. Finally, KBC Group NV increased its stake in California Resources by 41.3% in the first quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock valued at $157,000 after acquiring an additional 1,043 shares during the last quarter. Institutional investors own 97.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CRC. Mizuho boosted their target price on shares of California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $50.00 to $60.00 in a research report on Friday, May 30th. Citigroup increased their target price on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Bank of America upped their price target on California Resources from $53.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, UBS Group raised their price target on California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $63.91.

California Resources Trading Down 0.7%

Shares of NYSE CRC traded down $0.37 during trading hours on Wednesday, hitting $49.65. The company's stock had a trading volume of 372,746 shares, compared to its average volume of 934,451. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $60.41. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 6.79 and a beta of 1.16. The business has a 50-day simple moving average of $48.18 and a 200-day simple moving average of $43.88.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The firm had revenue of $978.00 million during the quarter, compared to analysts' expectations of $820.93 million. During the same period last year, the company posted $0.60 EPS. The company's quarterly revenue was up 90.3% compared to the same quarter last year. On average, analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Wednesday, August 27th will be given a dividend of $0.3875 per share. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 3.1%. California Resources's payout ratio is currently 21.17%.

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.