Rhumbline Advisers Sells 9,042 Shares of California Resources Corporation $CRC

Key Points

• Rhumbline Advisers reduced its stake in California Resources Corporation by 4.2%, owning 205,694 shares after selling 9,042 shares.
• Stock analysts have mixed sentiments with Barclays upgrading California Resources to an "overweight" rating and raising the target price to $60.00, while Wall Street Zen downgraded it to a "hold".
• California Resources has announced a quarterly dividend of $0.3875 per share, representing a 2.9% dividend yield.

Rhumbline Advisers reduced its stake in California Resources Corporation (NYSE:CRC - Free Report) by 4.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 205,694 shares of the oil and gas producer's stock after selling 9,042 shares during the period. Rhumbline Advisers owned about 0.23% of California Resources worth $9,044,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CRC. Larson Financial Group LLC boosted its position 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 buying an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after buying 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 buying an additional 1,571 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of California Resources in the first quarter worth $79,000. Finally, Strs Ohio bought a new position in California Resources during the first quarter worth $106,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRC. Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $50.00 to $60.00 in a research report on Friday, May 30th. Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Mizuho raised their target price on California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Roth Capital restated a "buy" rating on shares of California Resources in a report on Saturday, July 19th. Finally, Bank of America increased their target price on California Resources from $53.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $63.91.

California Resources Stock Up 3.3%

Shares of NYSE:CRC opened at $52.73 on Thursday. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 7.20 and a beta of 1.16. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $60.41. The business's 50 day moving average is $48.74 and its 200 day moving average is $44.01.

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

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 2.9%. California Resources's dividend payout ratio is currently 21.17%.

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.

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