Savant Capital LLC lessened its position in shares of California Resources Corporation (NYSE:CRC – Free Report) by 71.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,465 shares of the oil and gas producer’s stock after selling 13,711 shares during the quarter. Savant Capital LLC’s holdings in California Resources were worth $244,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the company. Intech Investment Management LLC grew its holdings in California Resources by 111.0% during the 4th quarter. Intech Investment Management LLC now owns 48,570 shares of the oil and gas producer’s stock valued at $2,172,000 after buying an additional 25,550 shares in the last quarter. Kingsview Wealth Management LLC lifted its stake in shares of California Resources by 2.3% in the 4th quarter. Kingsview Wealth Management LLC now owns 79,473 shares of the oil and gas producer’s stock valued at $3,553,000 after purchasing an additional 1,810 shares during the last quarter. Geode Capital Management LLC raised its position 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 purchasing an additional 141,836 shares during the period. Royce & Associates LP raised its position in California Resources by 56.5% in the 4th quarter. Royce & Associates LP now owns 33,333 shares of the oil and gas producer’s stock worth $1,490,000 after purchasing an additional 12,032 shares during the period. Finally, Legal & General Group Plc raised its position in California Resources by 4.4% in the 4th quarter. Legal & General Group Plc now owns 190,371 shares of the oil and gas producer’s stock worth $8,511,000 after purchasing an additional 7,953 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.
Insider Buying and Selling at California Resources
In other California Resources 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 value of $734,423.76. Following the transaction, the executive vice president directly owned 171,331 shares of the company’s stock, valued at approximately $10,567,696.08. The trade was a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 stock was sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the completion of the transaction, the executive vice president directly owned 131,537 shares in the company, valued at $8,182,916.77. This represents a 15.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.53% of the stock is currently owned by insiders.
California Resources Stock Performance
California Resources (NYSE:CRC – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The business had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. During the same period in the previous year, the company earned $1.07 earnings per share. The business’s revenue for the quarter was down 87.0% on a year-over-year basis. On average, sell-side analysts anticipate that California Resources Corporation will post 5.56 EPS 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. Shareholders of record on Friday, May 29th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, May 29th. California Resources’s payout ratio is currently -31.15%.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on CRC shares. Mizuho raised their target price on shares of California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a report on Sunday. Citigroup raised shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $74.00 to $78.00 in a report on Wednesday, May 20th. Weiss Ratings lowered shares of California Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 8th. Finally, Barclays lifted their price objective on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $73.50.
Check Out Our Latest Stock Report on California Resources
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.
Featured Articles
- Five stocks we like better than California Resources
- These 3 Insurance Stocks Made New 52-Week Highs: Still Time to Buy?
- 3 Stocks Under $20 to Buy Before a Broader Market Rally
- Petco Faces Tough Competition, But Momentum Is Building
- The Lock-In Effect Is Real—These 3 Homebuilders Are Betting on It
Want to see what other hedge funds are holding CRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for California Resources Corporation (NYSE:CRC – Free Report).
Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.
