Orbis Allan Gray Ltd Reduces Holdings in California Resources Co. (NYSE:CRC)

Orbis Allan Gray Ltd lowered its position in California Resources Co. (NYSE:CRC) by 54.4% in the 1st quarter, HoldingsChannel reports. The fund owned 1,335,300 shares of the oil and gas producer’s stock after selling 1,591,734 shares during the period. Orbis Allan Gray Ltd’s holdings in California Resources were worth $51,409,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in California Resources by 47.1% during the first quarter. JPMorgan Chase & Co. now owns 160,038 shares of the oil and gas producer’s stock worth $7,159,000 after purchasing an additional 51,208 shares during the period. American Century Companies Inc. purchased a new position in California Resources in the 1st quarter valued at approximately $452,000. Citigroup Inc. grew its stake in California Resources by 13.2% in the 1st quarter. Citigroup Inc. now owns 64,788 shares of the oil and gas producer’s stock valued at $2,898,000 after buying an additional 7,572 shares in the last quarter. Acadian Asset Management LLC bought a new stake in California Resources during the 1st quarter valued at $305,000. Finally, MetLife Investment Management LLC lifted its position in shares of California Resources by 53.7% during the first quarter. MetLife Investment Management LLC now owns 44,629 shares of the oil and gas producer’s stock worth $1,996,000 after acquiring an additional 15,587 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

Shares of CRC stock traded up $1.06 during trading on Friday, hitting $57.00. The company had a trading volume of 376,157 shares, compared to its average volume of 426,681. The stock’s 50-day moving average is $52.10 and its two-hundred day moving average is $44.36. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 4.70 and a beta of 1.16. The company has a quick ratio of 1.37, a current ratio of 1.49 and a debt-to-equity ratio of 0.28. California Resources Co. has a 52 week low of $34.02 and a 52 week high of $57.24.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, July 31st. The oil and gas producer reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.33). California Resources had a return on equity of 21.97% and a net margin of 26.50%. The company had revenue of $591.00 million during the quarter, compared to the consensus estimate of $535.59 million. During the same period in the previous year, the company earned $1.13 EPS. California Resources’s quarterly revenue was down 20.9% on a year-over-year basis. As a group, analysts predict that California Resources Co. will post 4.94 EPS for the current fiscal year.

California Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.2825 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $1.13 annualized dividend and a yield of 1.98%. This is a positive change from California Resources’s previous quarterly dividend of $0.28. California Resources’s payout ratio is 9.32%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Mizuho boosted their price objective on California Resources from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, August 16th. StockNews.com started coverage on California Resources in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Stifel Nicolaus raised their price objective on shares of California Resources from $60.00 to $68.00 and gave the company a “buy” rating in a research report on Monday, August 21st. Citigroup upped their target price on shares of California Resources from $56.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, August 14th. Finally, TheStreet raised shares of California Resources from a “d” rating to a “c” rating in a report on Monday, June 5th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $65.40.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production 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.