Public Employees Retirement System of Ohio Lowers Holdings in California Resources Co. (NYSE:CRC)

Public Employees Retirement System of Ohio trimmed its holdings in California Resources Co. (NYSE:CRC - Free Report) by 93.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,512 shares of the oil and gas producer's stock after selling 21,698 shares during the quarter. Public Employees Retirement System of Ohio's holdings in California Resources were worth $78,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its holdings in California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock worth $53,000 after purchasing an additional 812 shares during the period. Lazard Asset Management LLC grew its stake in California Resources by 52,366.7% during the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock worth $81,000 after buying an additional 1,571 shares during the last quarter. Blue Trust Inc. grew its stake in California Resources by 518.4% during the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer's stock worth $88,000 after buying an additional 1,410 shares during the last quarter. Sterling Capital Management LLC grew its stake in California Resources by 833.2% during the 4th 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, KBC Group NV grew its stake in California Resources by 32.3% during the 4th quarter. KBC Group NV now owns 2,526 shares of the oil and gas producer's stock worth $131,000 after buying an additional 616 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Price Performance

NYSE CRC traded up $0.68 during trading hours on Friday, reaching $44.67. The company's stock had a trading volume of 691,074 shares, compared to its average volume of 873,880. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 7.03, a P/E/G ratio of 1.02 and a beta of 1.17. California Resources Co. has a 1-year low of $30.97 and a 1-year high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The company's 50-day moving average is $38.88 and its two-hundred day moving average is $46.11.

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

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a $0.3875 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.47%. California Resources's dividend payout ratio (DPR) is presently 28.13%.

Analysts Set New Price Targets

Several research firms have weighed in on CRC. Royal Bank of Canada dropped their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Roth Capital reiterated a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Wall Street Zen cut California Resources from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Finally, Bank of America decreased their price objective on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, California Resources presently has an average rating of "Moderate Buy" and an average target price of $61.27.

California Resources Company 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.