California Resources Corporation $CRC Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in California Resources Corporation by 1.8%, selling 166,723 shares, and now owns approximately 10.13% of the company, valued at $403.6 million.
• California Resources Corporation reported a quarterly earnings per share (EPS) of $1.10, which exceeded the consensus estimate of $0.91, and experienced a year-over-year revenue increase of 90.3% with $978 million for the quarter.
• The company has announced a quarterly dividend of $0.3875 per share, which will be paid on September 12, reflecting a 3.2% yield and a payout ratio of 21.17%.

Vanguard Group Inc. cut its stake in California Resources Corporation (NYSE:CRC - Free Report) by 1.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,179,066 shares of the oil and gas producer's stock after selling 166,723 shares during the period. Vanguard Group Inc. owned approximately 10.13% of California Resources worth $403,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Levin Capital Strategies L.P. grew its position in shares of California Resources by 2.0% in the first quarter. Levin Capital Strategies L.P. now owns 76,342 shares of the oil and gas producer's stock valued at $3,357,000 after purchasing an additional 1,494 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in California Resources in the first quarter worth approximately $454,000. Jefferies Financial Group Inc. purchased a new position in California Resources in the first quarter worth approximately $3,251,000. XTX Topco Ltd grew its position in California Resources by 65.8% in the first quarter. XTX Topco Ltd now owns 28,664 shares of the oil and gas producer's stock worth $1,260,000 after acquiring an additional 11,377 shares during the period. Finally, GSA Capital Partners LLP grew its position in California Resources by 35.4% in the first quarter. GSA Capital Partners LLP now owns 39,135 shares of the oil and gas producer's stock worth $1,721,000 after acquiring an additional 10,225 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRC has been the subject of several analyst reports. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $60.00 to $63.00 in a research report on Tuesday, July 15th. Truist Financial upgraded California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. UBS Group increased their price objective on California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $63.00.

California Resources Trading Up 0.7%

NYSE:CRC traded up $0.3160 during trading hours on Wednesday, reaching $47.6960. 800,233 shares of the stock were exchanged, compared to its average volume of 898,767. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. The business has a 50-day moving average of $47.61 and a two-hundred day moving average of $43.79. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $60.41. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 6.52 and a beta of 1.16.

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, topping 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 company had revenue of $978.00 million for the quarter, compared to analysts' expectations of $820.93 million. During the same period in the prior year, the firm earned $0.60 earnings per share. The firm's revenue was up 90.3% compared to the same quarter last year. On average, equities analysts predict that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th will be paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, August 27th. California Resources's dividend payout ratio (DPR) is presently 21.17%.

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.