Rhumbline Advisers Sells 9,042 Shares of California Resources Co. (NYSE:CRC)

Rhumbline Advisers trimmed its holdings in shares of California Resources Co. (NYSE:CRC - Free Report) by 4.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 205,694 shares of the oil and gas producer's stock after selling 9,042 shares during the period. Rhumbline Advisers owned approximately 0.23% of California Resources worth $9,044,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. Yousif Capital Management LLC raised its stake in shares of California Resources by 0.7% during the fourth quarter. Yousif Capital Management LLC now owns 26,924 shares of the oil and gas producer's stock worth $1,397,000 after buying an additional 196 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of California Resources by 2.4% in the fourth quarter. State of Alaska Department of Revenue now owns 40,652 shares of the oil and gas producer's stock valued at $2,109,000 after buying an additional 947 shares during the period. Empowered Funds LLC grew its stake in shares of California Resources by 84.3% during the 4th quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer's stock worth $2,539,000 after acquiring an additional 22,383 shares in the last quarter. Entropy Technologies LP bought a new stake in California Resources during the fourth quarter worth about $841,000. Finally, Louisiana State Employees Retirement System raised its holdings in shares of California Resources by 3.0% in the 4th quarter. Louisiana State Employees Retirement System now owns 34,600 shares of the oil and gas producer's stock valued at $1,795,000 after purchasing an additional 1,000 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Performance

Shares of NYSE CRC traded down $0.15 during midday trading on Thursday, hitting $46.06. The company's stock had a trading volume of 103,542 shares, compared to its average volume of 868,460. The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of 7.25, a P/E/G ratio of 1.02 and a beta of 1.17. The stock has a fifty day moving average price of $39.19 and a 200 day moving average price of $45.83. California Resources Co. has a one year low of $30.97 and a one year high of $60.41. 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 (NYSE:CRC - Get Free Report) last posted its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million for the quarter, compared to analysts' expectations 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 period in the prior year, the company posted $0.75 EPS. On average, research analysts forecast that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a $0.3875 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.37%. California Resources's dividend payout ratio (DPR) is 28.13%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CRC. Bank of America lowered 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 note on Tuesday, May 20th. Roth Capital reissued a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. UBS Group increased their target price on shares of California Resources from $49.00 to $51.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Citigroup upped their target price on California Resources from $36.00 to $44.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, California Resources currently has an average rating of "Moderate Buy" and an average target price of $61.27.

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.