Savant Capital LLC Lowers Stock Holdings in California Resources Corporation $CRC

Savant Capital LLC trimmed its holdings in shares of California Resources Corporation (NYSE:CRC) by 71.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 5,465 shares of the oil and gas producer’s stock after selling 13,711 shares during the period. Savant Capital LLC’s holdings in California Resources were worth $244,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of California Resources by 6.4% during the fourth quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer’s stock valued at $392,335,000 after purchasing an additional 529,814 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in 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 acquiring an additional 474,521 shares during the last quarter. American Century Companies Inc. raised its holdings 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 worth $159,882,000 after acquiring an additional 159,708 shares during the last quarter. Sourcerock Group LLC raised its holdings in California Resources by 63.8% in the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after acquiring an additional 779,280 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in California Resources by 8.3% in the 4th quarter. Geode Capital Management LLC now owns 1,853,246 shares of the oil and gas producer’s stock worth $82,878,000 after acquiring an additional 141,836 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRC has been the subject of a number of recent analyst reports. Citigroup upgraded shares of California Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $74.00 to $78.00 in a report on Wednesday, May 20th. UBS Group set a $78.00 price objective on shares of California Resources and gave the stock a “buy” rating in a report on Monday, May 11th. Mizuho boosted their price objective on shares of California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Wells Fargo & Company boosted their price objective on shares of California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, March 17th. Finally, Weiss Ratings lowered shares of California Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.50.

California Resources Trading Up 0.1%

NYSE:CRC opened at $58.41 on Monday. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. California Resources Corporation has a 12 month low of $43.24 and a 12 month high of $71.98. The company has a market cap of $5.19 billion, a PE ratio of -11.23 and a beta of 0.90. The company has a 50 day simple moving average of $63.90 and a two-hundred day simple moving average of $56.33.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The firm had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. During the same quarter in the previous year, the firm posted $1.07 EPS. The company’s revenue for the quarter was down 87.0% compared to the same quarter last year. Research analysts forecast that California Resources Corporation will post 5.56 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Friday, May 29th will be paid a dividend of $0.405 per share. The ex-dividend date is Friday, May 29th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.8%. California Resources’s payout ratio is -31.15%.

Insiders Place Their Bets

In related news, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $61.68, for a total transaction of $734,423.76. Following the transaction, the executive vice president owned 171,331 shares in the company, valued at approximately $10,567,696.08. The trade was a 6.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher D. Gould sold 24,347 shares of California Resources stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the transaction, the executive vice president owned 131,537 shares in the company, valued at approximately $8,182,916.77. This trade represents a 15.62% decrease in their position. The SEC filing for this sale provides additional information. 0.53% of the stock is currently owned by insiders.

California Resources Company Profile

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.