Private Management Group Inc. Sells 5,991 Shares of California Resources Co. (NYSE:CRC)

Private Management Group Inc. lowered its holdings in California Resources Co. (NYSE:CRC) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 687,040 shares of the oil and gas producer’s stock after selling 5,991 shares during the period. California Resources makes up about 1.4% of Private Management Group Inc.’s holdings, making the stock its 11th biggest position. Private Management Group Inc. owned about 1.00% of California Resources worth $37,567,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. LSV Asset Management increased its holdings in California Resources by 102.0% during the 3rd quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock worth $164,850,000 after acquiring an additional 1,485,970 shares during the period. Pacer Advisors Inc. grew its stake in California Resources by 71.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock worth $107,472,000 after buying an additional 821,827 shares in the last quarter. American Century Companies Inc. grew its stake in California Resources by 13.2% in the 3rd quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock worth $51,820,000 after buying an additional 108,123 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in California Resources by 6.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 798,909 shares of the oil and gas producer’s stock worth $44,747,000 after buying an additional 51,683 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in California Resources by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 763,904 shares of the oil and gas producer’s stock worth $42,786,000 after buying an additional 58,559 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

CRC has been the subject of a number of research reports. Barclays initiated coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Bank of America cut shares of California Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from $64.00 to $60.00 in a research note on Friday, January 5th. Stifel Nicolaus upped their price objective on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Mizuho cut their price objective on shares of California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $63.57.

California Resources Trading Up 1.5 %

CRC traded up $0.82 during trading on Tuesday, hitting $55.76. 473,743 shares of the stock traded hands, compared to its average volume of 904,484. The firm has a market capitalization of $3.83 billion, a P/E ratio of 7.22 and a beta of 1.02. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. The firm has a 50-day moving average of $54.02 and a 200 day moving average of $52.71. California Resources Co. has a 12-month low of $37.21 and a 12-month high of $58.44.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.08). The firm had revenue of $726.00 million for the quarter, compared to analysts’ expectations of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.24 EPS. Equities research analysts anticipate that California Resources Co. will post 5.99 EPS for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a yield of 2.22%. California Resources’s payout ratio is currently 16.06%.

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.