DAVENPORT & Co LLC Cuts Stake in California Resources Corporation $CRC

DAVENPORT & Co LLC reduced its position in California Resources Corporation (NYSE:CRC) by 5.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 755,729 shares of the oil and gas producer’s stock after selling 45,454 shares during the quarter. DAVENPORT & Co LLC’s holdings in California Resources were worth $33,766,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in shares of California Resources by 15.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,549,636 shares of the oil and gas producer’s stock worth $188,776,000 after purchasing an additional 474,521 shares during the period. American Century Companies Inc. increased its holdings in California Resources by 5.6% during the third quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock valued at $159,882,000 after buying an additional 159,708 shares during the period. Sourcerock Group LLC increased its holdings 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 buying an additional 779,280 shares during the period. Grantham Mayo Van Otterloo & Co. LLC raised its stake in California Resources by 6.1% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer’s stock worth $58,891,000 after buying an additional 73,885 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in California Resources by 0.7% during the third quarter. Invesco Ltd. now owns 1,069,589 shares of the oil and gas producer’s stock worth $56,881,000 after buying an additional 7,036 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Stock Up 2.4%

Shares of CRC stock opened at $65.36 on Wednesday. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $66.56. The stock’s fifty day moving average price is $56.99 and its 200 day moving average price is $51.52. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.79. The company has a market cap of $5.80 billion, a price-to-earnings ratio of 16.02 and a beta of 1.12.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The business had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. California Resources had a net margin of 9.89% and a return on equity of 10.23%. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 earnings per share. On average, research 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 was paid on Friday, March 20th. Investors of record on Friday, March 13th were given a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, March 13th. California Resources’s dividend payout ratio (DPR) is presently 39.71%.

Insider Activity at California Resources

In other California Resources news, VP Noelle M. Repetti sold 8,564 shares of the company’s 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 transaction, the vice president owned 7,684 shares in the company, valued at approximately $489,547.64. This represents a 52.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Omar Hayat sold 23,000 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the completion of the transaction, the chief operating officer directly owned 82,236 shares of the company’s stock, valued at approximately $5,416,885.32. This represents a 21.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 72,283 shares of company stock valued at $4,636,646. Company insiders own 0.63% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CRC. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. TD Cowen raised California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Mizuho raised their price objective on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, UBS Group lifted their target price on California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Two equities research 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.80.

About California Resources

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.