Private Management Group Inc. Sells 5,991 Shares of California Resources Co. (NYSE:CRC)

Private Management Group Inc. decreased its position in shares of California Resources Co. (NYSE:CRC) by 0.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 687,040 shares of the oil and gas producer’s stock after selling 5,991 shares during the period. California Resources makes up about 1.4% of Private Management Group Inc.’s investment portfolio, making the stock its 11th largest position. Private Management Group Inc.’s holdings in California Resources were worth $37,567,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. LSV Asset Management increased its position in California Resources by 102.0% during the third quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock valued at $164,850,000 after acquiring an additional 1,485,970 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of California Resources by 71.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock worth $107,472,000 after purchasing an additional 821,827 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of California Resources by 13.2% in the third quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock worth $51,820,000 after purchasing an additional 108,123 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of California Resources by 6.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 798,909 shares of the oil and gas producer’s stock worth $44,747,000 after purchasing an additional 51,683 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of California Resources by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 763,904 shares of the oil and gas producer’s stock worth $42,786,000 after purchasing an additional 58,559 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

CRC has been the topic of a number of research analyst reports. Barclays initiated coverage on shares of California Resources in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price target on the stock. Stifel Nicolaus upped their price target on shares of California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday. Bank of America cut shares of California Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from $64.00 to $60.00 in a report on Friday, January 5th. Mizuho cut their price target on shares of California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $70.00 price target on shares of California Resources in a report on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.57.

California Resources Stock Up 1.5 %

California Resources stock traded up $0.82 during midday trading on Tuesday, hitting $55.76. 473,743 shares of the company’s stock were exchanged, compared to its average volume of 904,484. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. California Resources Co. has a 12 month low of $37.21 and a 12 month high of $58.44. The firm has a 50-day moving average of $54.02 and a two-hundred day moving average of $52.71. The company has a market cap of $3.83 billion, a PE ratio of 7.22 and a beta of 1.02.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.08). The firm had revenue of $726.00 million for the quarter, compared to analysts’ expectations of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.24 earnings per share. As a group, analysts expect that California Resources Co. will post 5.99 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s payout ratio is 16.06%.

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.