South Dakota Investment Council Sells 17,600 Shares of California Resources Corporation $CRC

Key Points

• South Dakota Investment Council sold 17,600 shares of California Resources, cutting its stake by 89.2% to 2,140 shares worth about $114,000 after the 3rd quarter.
• Analysts have a consensus rating of Moderate Buy on CRC with an average price target of $66.90 (ratings mix: 2 Strong Buy, 9 Buy, 4 Hold), and some recent upgrades including UBS raising its target to $75.00.
• Insider VP Noelle M. Repetti sold 8,564 shares at an average $63.71 (reducing her holding by ~52.7%), and the company announced a quarterly dividend of $0.405 per share (annualized $1.62, ~2.5% yield).

South Dakota Investment Council lessened its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 89.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,140 shares of the oil and gas producer's stock after selling 17,600 shares during the quarter. South Dakota Investment Council's holdings in California Resources were worth $114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. American Century Companies Inc. increased its stake in shares of California Resources by 5.6% in the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer's stock worth $159,882,000 after purchasing an additional 159,708 shares in the last quarter. Sourcerock Group LLC lifted its position in California Resources by 63.8% during the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer's stock valued at $91,370,000 after purchasing an additional 779,280 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in California Resources by 6.1% during the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer's stock valued at $58,891,000 after purchasing an additional 73,885 shares during the period. Invesco Ltd. grew its holdings in California Resources by 155.8% during the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer's stock valued at $48,527,000 after purchasing an additional 647,190 shares during the period. Finally, Squarepoint Ops LLC increased its position in California Resources by 44.6% in the second quarter. Squarepoint Ops LLC now owns 707,288 shares of the oil and gas producer's stock worth $32,302,000 after buying an additional 218,148 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

Analyst Ratings Changes

CRC has been the topic of several recent research reports. Wall Street Zen downgraded California Resources from a "hold" rating to a "sell" rating in a research note on Saturday. TD Cowen raised shares of California Resources to a "strong-buy" rating in a report on Monday, February 9th. UBS Group raised their target price on shares of California Resources from $63.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday. Pickering Energy Partners downgraded shares of California Resources from an "outperform" rating to a "neutral" rating in a report on Friday, January 9th. Finally, Royal Bank Of Canada set a $70.00 price target on shares of California Resources in a research report on Monday, January 5th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $66.90.

Insider Transactions at California Resources

In other news, VP Noelle M. Repetti sold 8,564 shares of California Resources stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total transaction of $545,612.44. Following the sale, the vice president owned 7,684 shares in the company, valued at $489,547.64. This trade represents a 52.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.03% of the stock is currently owned by company insiders.

California Resources Price Performance

Shares of California Resources stock opened at $64.97 on Friday. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 15.92 and a beta of 1.12. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. The stock's 50-day simple moving average is $52.71 and its 200-day simple moving average is $50.35. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $65.68.

California Resources (NYSE:CRC - Get Free Report) last released its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). The business had revenue of $924.00 million for the quarter, compared to analysts' expectations of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The business's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 EPS. As a group, analysts expect that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, March 13th. California Resources's dividend payout ratio (DPR) is 39.71%.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC's operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

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