Levin Capital Strategies L.P. Has $2.32 Million Stock Holdings in California Resources Co. (NYSE:CRC)

Levin Capital Strategies L.P. lowered its stake in shares of California Resources Co. (NYSE:CRCFree Report) by 5.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,528 shares of the oil and gas producer’s stock after selling 2,642 shares during the period. Levin Capital Strategies L.P.’s holdings in California Resources were worth $2,317,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in California Resources by 10.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 840,076 shares of the oil and gas producer’s stock valued at $45,935,000 after acquiring an additional 76,172 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of California Resources by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,299,902 shares of the oil and gas producer’s stock valued at $180,440,000 after acquiring an additional 190,588 shares in the last quarter. ARGA Investment Management LP lifted its holdings in California Resources by 162.6% in the 4th quarter. ARGA Investment Management LP now owns 28,100 shares of the oil and gas producer’s stock worth $1,537,000 after purchasing an additional 17,399 shares during the last quarter. Quadrant Capital Group LLC boosted its position in California Resources by 92.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock worth $82,000 after purchasing an additional 722 shares during the period. Finally, Franklin Resources Inc. grew its holdings in California Resources by 26.7% during the fourth quarter. Franklin Resources Inc. now owns 22,371 shares of the oil and gas producer’s stock valued at $1,223,000 after purchasing an additional 4,720 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. Mizuho lifted their price objective on California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Barclays decreased their target price on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Finally, Citigroup lifted their price target on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and an average target price of $63.00.

Read Our Latest Report on California Resources

Insider Activity at California Resources

In other California Resources news, Director Christian S. Kendall bought 20,895 shares of California Resources stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the acquisition, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Francisco Leon sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christian S. Kendall acquired 20,895 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares in the company, valued at $1,180,062. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by insiders.

California Resources Stock Performance

NYSE CRC opened at $47.69 on Tuesday. California Resources Co. has a twelve month low of $43.09 and a twelve month high of $58.44. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. The stock has a market cap of $3.24 billion, a P/E ratio of 13.66, a PEG ratio of 1.18 and a beta of 0.98. The company’s 50-day simple moving average is $50.41 and its 200 day simple moving average is $51.23.

California Resources (NYSE:CRCGet Free Report) last issued its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). The company had revenue of $514.00 million during the quarter, compared to analyst estimates of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The company’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 earnings per share. As a group, research analysts forecast that California Resources Co. will post 3.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.25%. This is a boost from California Resources’s previous quarterly dividend of $0.31. California Resources’s dividend payout ratio (DPR) is 44.41%.

About California Resources

(Free Report)

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.

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Institutional Ownership by Quarter for California Resources (NYSE:CRC)

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