Wedge Capital Management L L P NC Sells 2,001 Shares of California Resources Co. (NYSE:CRC)

Wedge Capital Management L L P NC decreased its position in shares of California Resources Co. (NYSE:CRC) by 10.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,851 shares of the oil and gas producer’s stock after selling 2,001 shares during the period. Wedge Capital Management L L P NC’s holdings in California Resources were worth $884,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the business. Lazard Asset Management LLC lifted its position in shares of California Resources by 3.7% in the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after purchasing an additional 253 shares during the period. GAMMA Investing LLC boosted its stake in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 371 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in California Resources by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock worth $1,719,000 after purchasing an additional 400 shares during the period. Texas Permanent School Fund Corp increased its stake in California Resources by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock valued at $3,111,000 after purchasing an additional 738 shares in the last quarter. Finally, Bfsg LLC raised its holdings in shares of California Resources by 15.4% during the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock valued at $339,000 after purchasing an additional 851 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other California Resources news, Director Christian S. Kendall purchased 20,895 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was acquired at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the purchase, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. This trade represents a 500.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at approximately $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CRC. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. UBS Group started coverage on shares of California Resources in a research note on Wednesday. They issued a “buy” rating and a $68.00 target price for the company. TD Cowen started coverage on shares of California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Finally, Barclays raised their target price on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and a consensus price target of $64.75.

California Resources Price Performance

CRC stock opened at $52.32 on Friday. The firm has a 50 day simple moving average of $51.22 and a two-hundred day simple moving average of $50.97. The stock has a market cap of $3.59 billion, a PE ratio of 14.99, a P/E/G ratio of 1.27 and a beta of 0.98. California Resources Co. has a one year low of $43.09 and a one year high of $57.88. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business had revenue of $514.00 million for the quarter, compared to the consensus estimate of $477.07 million. During the same period in the prior year, the business posted $0.53 EPS. California Resources’s revenue for the quarter was down 13.0% on a year-over-year basis. On average, analysts predict that California Resources Co. will post 3.45 EPS for the current fiscal year.

California Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.3875 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.55 annualized dividend and a yield of 2.96%. This is a boost from California Resources’s previous quarterly dividend of $0.31. California Resources’s dividend payout ratio (DPR) is 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.