California Resources Corporation $CRC Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Lowers Position

VIRGINIA RETIREMENT SYSTEMS ET Al lowered its position in shares of California Resources Corporation (NYSE:CRC) by 81.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,500 shares of the oil and gas producer’s stock after selling 20,400 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in California Resources were worth $229,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in shares of California Resources during the 2nd quarter valued at about $63,205,000. Arrowstreet Capital Limited Partnership bought a new stake in California Resources in the 1st quarter worth approximately $62,698,000. Bank of America Corp DE lifted its position in California Resources by 57.1% in the 1st quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock worth $40,543,000 after buying an additional 212,827 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in California Resources in the 2nd quarter worth approximately $4,022,000. Finally, Fifth Third Bancorp boosted its stake in California Resources by 12,134.0% in the first quarter. Fifth Third Bancorp now owns 70,957 shares of the oil and gas producer’s stock worth $4,912,000 after buying an additional 70,377 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Insider Activity at California Resources

In related news, EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction on Monday, October 12th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president directly owned 123,703 shares of the company’s stock, valued at $6,679,962. The trade was a 8.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CRC shares. Roth Capital reiterated a “buy” rating and set a $59.00 price target (up from $58.00) on shares of California Resources in a research report on Thursday, September 17th. Stifel Nicolaus began coverage on shares of California Resources in a report on Thursday, September 10th. They issued a “buy” rating and a $68.00 price objective for the company. Weiss Ratings lowered shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday. UBS Group reaffirmed a “buy” rating and issued a $68.00 price objective (down from $73.00) on shares of California Resources in a research note on Monday, October 12th. Finally, Seaport Research Partners assumed coverage on shares of California Resources in a report on Thursday, September 3rd. They set a “neutral” rating on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $74.44.

California Resources Trading Down 0.1%

NYSE CRC opened at $46.89 on Monday. California Resources Corporation has a 1-year low of $43.24 and a 1-year high of $71.98. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average of $53.26 and a 200-day moving average of $56.95. The firm has a market cap of $4.14 billion, a PE ratio of -8.27 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, November 2nd. The oil and gas producer reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.17. California Resources had a positive return on equity of 9.56% and a negative net margin of 18.11%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $967.71 million. During the same period in the previous year, the firm earned $1.46 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. As a group, sell-side analysts forecast that California Resources Corporation will post 4.45 EPS for the current year.

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be issued a $0.42 dividend. This is a positive change from California Resources’s previous quarterly dividend of $0.4050. This represents a $1.68 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, December 4th. California Resources’s dividend payout ratio (DPR) is -28.57%.

California Resources Profile

California Resources Corporation is an independent energy company focused on developing and producing oil and natural gas in California. Its operations include exploration, production and management of energy resources, with products that include crude oil, natural gas and natural gas liquids.

The company was formed in 2014 when it separated from Occidental Petroleum. Its activities are concentrated in California, where it operates across several major oil-producing regions. In 2024, California Resources completed its acquisition of Aera Energy, expanding its California operations.

Alongside its traditional energy business, the company is developing carbon management projects through its Carbon TerraVault subsidiary.