Principal Financial Group Inc. cut its position in California Resources Corporation (NYSE:CRC – Free Report) by 17.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 434,531 shares of the oil and gas producer’s stock after selling 93,741 shares during the quarter. Principal Financial Group Inc.’s holdings in California Resources were worth $30,078,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of CRC. Rockefeller Capital Management L.P. increased its holdings in shares of California Resources by 363.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 440 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in California Resources during the fourth quarter valued at $26,000. Pinnacle Holdings LLC bought a new stake in California Resources during the fourth quarter valued at $27,000. Valued Wealth Advisors LLC bought a new stake in California Resources during the first quarter valued at $29,000. Finally, FNY Investment Advisers LLC purchased a new position in California Resources during the third quarter worth about $36,000. 97.79% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have weighed in on the company. Weiss Ratings cut California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 14th. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Barclays lifted their target price on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Stephens set a $85.00 price target on shares of California Resources and gave the stock an “overweight” rating in a research note on Friday. Finally, Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, California Resources has a consensus rating of “Moderate Buy” and a consensus target price of $73.09.
Insider Transactions at California Resources
In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president owned 159,424 shares of the company’s stock, valued at $8,608,896. This represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by corporate insiders.
California Resources Trading Down 0.1%
NYSE CRC opened at $52.80 on Monday. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. The stock’s 50-day simple moving average is $56.83 and its two-hundred day simple moving average is $57.99. California Resources Corporation has a twelve month low of $43.24 and a twelve month high of $71.98. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of -10.15 and a beta of 0.92.
California Resources (NYSE:CRC – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.88. The firm had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $947.50 million. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The company’s revenue for the quarter was down 87.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 EPS. Research analysts forecast that California Resources Corporation will post 4.02 EPS for the current fiscal year.
California Resources Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were given a $0.405 dividend. The ex-dividend date was Friday, May 29th. This represents a $1.62 dividend on an annualized basis and a yield of 3.1%. California Resources’s payout ratio is presently -31.15%.
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.
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