Aventail Capital Group LP Sells 44,059 Shares of California Resources Corporation $CRC

Aventail Capital Group LP lessened its holdings in shares of California Resources Corporation (NYSE:CRC) by 41.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,814 shares of the oil and gas producer’s stock after selling 44,059 shares during the period. Aventail Capital Group LP’s holdings in California Resources were worth $2,764,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its position in California Resources by 6.4% in the 4th quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer’s stock valued at $392,335,000 after buying an additional 529,814 shares during the last quarter. Dimensional Fund Advisors LP raised its position in California Resources by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock valued at $186,968,000 after buying an additional 632,170 shares during the last quarter. State Street Corp raised its position in California Resources by 14.7% in the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer’s stock valued at $171,786,000 after buying an additional 491,751 shares during the last quarter. American Century Companies Inc. raised its position in 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 valued at $159,882,000 after buying an additional 159,708 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in California Resources by 200.7% in the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock valued at $104,822,000 after buying an additional 1,564,866 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Zacks Research lowered California Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Citigroup raised California Resources from a “neutral” rating to a “buy” rating and lifted their target price for the company from $74.00 to $78.00 in a research report on Wednesday, May 20th. Barclays lifted their target price on California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Wall Street Zen raised California Resources from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Weiss Ratings lowered California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $73.50.

California Resources Stock Down 1.6%

NYSE:CRC opened at $55.35 on Thursday. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of -10.64 and a beta of 0.90. California Resources Corporation has a twelve month low of $43.24 and a twelve month high of $71.98. The stock’s 50 day moving average price is $62.24 and its two-hundred day moving average price is $56.94. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting the consensus estimate of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The company had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. During the same period in the previous year, the company posted $1.07 EPS. The firm’s revenue for the quarter was down 87.0% compared to the same quarter last year. Equities research analysts expect that California Resources Corporation will post 5.26 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Friday, May 29th will be paid a $0.405 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.62 annualized dividend and a yield of 2.9%. California Resources’s payout ratio is -31.15%.

Insider Transactions at California Resources

In related news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total value of $734,423.76. Following the completion of the sale, the executive vice president directly owned 171,331 shares in the company, valued at $10,567,696.08. The trade was a 6.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

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.