Private Management Group Inc. Has $40.47 Million Stock Holdings in California Resources Corporation $CRC

Private Management Group Inc. trimmed its stake in shares of California Resources Corporation (NYSE:CRC) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 886,084 shares of the oil and gas producer’s stock after selling 2,819 shares during the quarter. California Resources accounts for 1.3% of Private Management Group Inc.’s portfolio, making the stock its 12th largest holding. Private Management Group Inc.’s holdings in California Resources were worth $40,467,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. American Century Companies Inc. lifted its position in shares of California Resources by 10.7% during the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock worth $113,274,000 after buying an additional 248,448 shares during the period. Orbis Allan Gray Ltd lifted its holdings in shares of California Resources by 3.0% during the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock valued at $52,713,000 after acquiring an additional 34,593 shares during the period. DAVENPORT & Co LLC boosted its stake in shares of California Resources by 1.6% in the 2nd quarter. DAVENPORT & Co LLC now owns 800,601 shares of the oil and gas producer’s stock valued at $36,563,000 after purchasing an additional 12,315 shares in the last quarter. Millennium Management LLC grew its holdings in shares of California Resources by 255.5% in the 1st quarter. Millennium Management LLC now owns 677,093 shares of the oil and gas producer’s stock worth $29,772,000 after purchasing an additional 486,650 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of California Resources by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock worth $28,916,000 after purchasing an additional 181,833 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Up 0.1%

NYSE:CRC opened at $46.18 on Friday. The company has a market cap of $3.87 billion, a price-to-earnings ratio of 10.74 and a beta of 1.15. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. The stock’s fifty day moving average price is $50.14 and its two-hundred day moving average price is $47.92. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $60.08.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.15. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The company had revenue of $855.00 million during the quarter, compared to the consensus estimate of $888.58 million. During the same quarter in the previous year, the company posted $1.50 earnings per share. The firm’s quarterly revenue was down 36.8% on a year-over-year basis. On average, analysts anticipate that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, December 1st. This is a boost from California Resources’s previous quarterly dividend of $0.39. California Resources’s dividend payout ratio is currently 36.05%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays boosted their price target on shares of California Resources from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. UBS Group decreased their price target on California Resources from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a report on Wednesday, October 8th. Roth Capital set a $63.00 price objective on California Resources in a research note on Monday, September 15th. Finally, Mizuho set a $71.00 target price on California Resources in a research note on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.27.

About California Resources

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.