California Resources Co. (NYSE:CRC) Shares Sold by SIR Capital Management L.P.

SIR Capital Management L.P. cut its holdings in California Resources Co. (NYSE:CRC) by 32.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,509 shares of the oil and gas producer’s stock after selling 66,077 shares during the period. SIR Capital Management L.P. owned about 0.15% of California Resources worth $7,239,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of CRC. Wedge Capital Management L L P NC increased its holdings in shares of California Resources by 14.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 19,288 shares of the oil and gas producer’s stock valued at $1,001,000 after acquiring an additional 2,437 shares during the last quarter. Clear Harbor Asset Management LLC increased its stake in California Resources by 6.0% in the fourth quarter. Clear Harbor Asset Management LLC now owns 7,475 shares of the oil and gas producer’s stock valued at $388,000 after purchasing an additional 425 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after purchasing an additional 454 shares in the last quarter. CX Institutional raised its holdings in California Resources by 5.6% during the fourth quarter. CX Institutional now owns 26,524 shares of the oil and gas producer’s stock worth $1,376,000 after purchasing an additional 1,411 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of California Resources by 518.4% during the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock worth $88,000 after buying an additional 1,410 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director James N. Chapman purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was purchased at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This trade represents a 4.83% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.03% of the company’s stock.

Wall Street Analyst Weigh In

CRC has been the topic of several research analyst reports. Truist Financial upgraded shares of California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. Citigroup cut California Resources from a “buy” rating to a “neutral” rating and cut their target price for the stock from $62.00 to $36.00 in a research report on Monday, April 7th. Mizuho decreased their target price on California Resources from $64.00 to $60.00 and set an “outperform” rating for the company in a research report on Tuesday. Bank of America dropped their price target on California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Finally, Roth Capital reaffirmed a “buy” rating on shares of California Resources in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and an average target price of $59.64.

California Resources Stock Down 1.6%

California Resources stock opened at $43.06 on Friday. The stock has a 50 day moving average of $39.02 and a two-hundred day moving average of $47.47. California Resources Co. has a twelve month low of $30.97 and a twelve month high of $60.41. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of 6.78, a PEG ratio of 1.02 and a beta of 1.06. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping the consensus estimate of $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $912.00 million during the quarter, compared to analysts’ expectations of $862.14 million. During the same quarter in the prior year, the business earned $0.75 earnings per share. The company’s quarterly revenue was up 100.9% compared to the same quarter last year. As a group, research analysts expect that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend is Friday, May 30th. California Resources’s dividend payout ratio (DPR) is presently 28.13%.

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.