Rhumbline Advisers Sells 2,999 Shares of California Resources Co. (NYSE:CRC)

Rhumbline Advisers trimmed its position in California Resources Co. (NYSE:CRC) by 1.5% in the second quarter, HoldingsChannel.com reports. The firm owned 202,684 shares of the oil and gas producer’s stock after selling 2,999 shares during the period. Rhumbline Advisers’ holdings in California Resources were worth $10,787,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hennessy Advisors Inc. acquired a new position in shares of California Resources in the 4th quarter valued at $20,713,000. Vanguard Group Inc. raised its position in California Resources by 4.4% in the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after purchasing an additional 344,043 shares in the last quarter. Vest Financial LLC lifted its stake in California Resources by 7,345.1% during the first quarter. Vest Financial LLC now owns 340,168 shares of the oil and gas producer’s stock worth $18,743,000 after purchasing an additional 335,599 shares during the period. DAVENPORT & Co LLC lifted its stake in California Resources by 49.1% during the first quarter. DAVENPORT & Co LLC now owns 627,553 shares of the oil and gas producer’s stock worth $34,472,000 after purchasing an additional 206,607 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in California Resources by 6.1% during the fourth 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 purchasing an additional 190,588 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRC has been the subject of several analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. Citigroup lifted their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. TD Cowen started coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target for the company. Finally, Barclays decreased their price objective on shares of California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Insiders Place Their Bets

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

California Resources Trading Up 1.2 %

CRC opened at $48.40 on Thursday. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $58.44. The firm has a 50-day moving average price of $50.22 and a two-hundred day moving average price of $51.16. The stock has a market capitalization of $3.29 billion, a PE ratio of 13.87, a PEG ratio of 1.18 and a beta of 0.98. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). The company had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 EPS. As a group, equities analysts anticipate that California Resources Co. will post 3.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.20%. This is a positive change from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, August 30th. California Resources’s dividend payout ratio (DPR) is presently 44.41%.

California Resources Company Profile

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.