California Resources Co. (NYSE:CRC) Shares Sold by Arizona State Retirement System

Arizona State Retirement System decreased its holdings in California Resources Co. (NYSE:CRC) by 4.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,459 shares of the oil and gas producer’s stock after selling 606 shares during the quarter. Arizona State Retirement System’s holdings in California Resources were worth $791,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. LSV Asset Management boosted its stake in California Resources by 102.0% in 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 purchasing an additional 1,485,970 shares during the period. Pacer Advisors Inc. boosted 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 purchasing an additional 821,827 shares during the period. State Street Corp boosted its stake in California Resources by 31.4% in the 2nd quarter. State Street Corp now owns 3,391,414 shares of the oil and gas producer’s stock worth $153,597,000 after purchasing an additional 811,120 shares during the period. Dimensional Fund Advisors LP boosted its stake in California Resources by 54.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,237,981 shares of the oil and gas producer’s stock worth $86,161,000 after purchasing an additional 791,762 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in California Resources by 292.4% in the 1st quarter. Renaissance Technologies LLC now owns 853,136 shares of the oil and gas producer’s stock worth $38,161,000 after purchasing an additional 635,700 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Mizuho decreased 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. Bank of America cut shares of California Resources from a “buy” rating to a “neutral” rating and lowered their price target for the company from $64.00 to $60.00 in a report on Friday, January 5th. Barclays began 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 on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research note on Wednesday, March 6th. Finally, Stifel Nicolaus lowered their target price on California Resources from $72.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and an average price target of $63.43.

California Resources Stock Performance

CRC opened at $53.81 on Thursday. The company has a market cap of $3.70 billion, a PE ratio of 6.97 and a beta of 1.02. The stock has a 50-day moving average of $53.88 and a 200-day moving average of $52.68. California Resources Co. has a 52-week low of $37.21 and a 52-week high of $58.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.08). The company had revenue of $726.00 million for the quarter, compared to the consensus estimate of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.24 EPS. As a group, equities research analysts forecast that California Resources Co. will post 4.57 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid 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 dividend yield of 2.30%. California Resources’s dividend payout ratio (DPR) is presently 16.06%.

California Resources Company 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.