California Resources Co. (NYSE:CRC) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC lowered its stake in shares of California Resources Co. (NYSE:CRCFree Report) by 23.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,556 shares of the oil and gas producer’s stock after selling 21,598 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.10% of California Resources worth $3,858,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Barclays PLC raised its position in shares of California Resources by 46.8% during the 3rd quarter. Barclays PLC now owns 122,753 shares of the oil and gas producer’s stock valued at $6,875,000 after acquiring an additional 39,160 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in 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 acquiring an additional 58,559 shares during the last quarter. HighTower Advisors LLC bought a new position in shares of California Resources during the third quarter valued at approximately $248,000. State Board of Administration of Florida Retirement System raised its position in shares of California Resources by 2.9% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 49,383 shares of the oil and gas producer’s stock worth $2,766,000 after purchasing an additional 1,390 shares during the period. Finally, Campbell & CO Investment Adviser LLC lifted its holdings in shares of California Resources by 7.0% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 21,742 shares of the oil and gas producer’s stock worth $1,218,000 after purchasing an additional 1,416 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

Insiders Place Their Bets

In other news, Director Mark Allen Mcfarland sold 37,000 shares of California Resources stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $48.10, for a total value of $1,779,700.00. Following the transaction, the director now owns 104,939 shares of the company’s stock, valued at approximately $5,047,565.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.03% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research report on Wednesday, March 6th. Mizuho lifted their price objective on shares of California Resources from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Barclays began coverage on shares of California Resources in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 target price for the company. Finally, Stifel Nicolaus lifted their price target on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.71.

Read Our Latest Research Report on CRC

California Resources Stock Up 0.7 %

CRC stock opened at $47.50 on Friday. The firm’s 50-day moving average is $51.24 and its two-hundred day moving average is $51.91. The company has a current ratio of 1.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 0.52 and a beta of 0.97. California Resources Co. has a 52 week low of $40.11 and a 52 week high of $58.44.

California Resources (NYSE:CRCGet Free Report) last announced its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 EPS for the quarter, topping the consensus estimate of $0.58 by $0.17. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The firm had revenue of $454.00 million for the quarter, compared to analysts’ expectations of $490.21 million. During the same quarter in the previous year, the company earned $2.63 earnings per share. The firm’s quarterly revenue was down 55.7% compared to the same quarter last year. On average, analysts forecast that California Resources Co. will post 4.44 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Friday, May 31st. California Resources’s payout ratio is currently 35.53%.

California Resources Company Profile

(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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