Rhumbline Advisers Reduces Position in 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 trimmed its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 4.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 205,694 shares of the oil and gas producer's stock after selling 9,042 shares during the quarter. Rhumbline Advisers owned 0.23% of California Resources worth $9,044,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in California Resources by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer's stock worth $16,893,000 after acquiring an additional 8,047 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of California Resources by 50.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer's stock worth $463,000 after purchasing an additional 3,436 shares during the period. New York State Teachers Retirement System lifted its position in shares of California Resources by 1.4% in the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock worth $967,000 after purchasing an additional 300 shares during the period. KBC Group NV lifted its position in shares of California Resources by 41.3% in the 1st quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock worth $157,000 after purchasing an additional 1,043 shares during the period. Finally, Crossmark Global Holdings Inc. lifted its position in shares of California Resources by 17.4% in the 1st quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer's stock worth $212,000 after purchasing an additional 716 shares during the period. 97.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRC has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Citigroup boosted their price target on shares of California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Mizuho set a $71.00 price target on shares of California Resources in a research report on Monday. UBS Group boosted their target price on shares of California Resources from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $60.00 to $63.00 in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, California Resources currently has an average rating of "Buy" and a consensus target price of $65.50.

California Resources Stock Performance

CRC traded up $0.37 during trading on Tuesday, hitting $56.70. 532,028 shares of the company traded hands, compared to its average volume of 952,478. The firm has a market cap of $4.74 billion, a P/E ratio of 7.74 and a beta of 1.16. The stock's fifty day moving average is $49.16 and its 200 day moving average is $44.17. 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 one year low of $30.97 and a one year high of $60.41.

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

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were given a dividend of $0.3875 per share. The ex-dividend date was Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 2.7%. California Resources's dividend payout ratio is presently 21.17%.

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.