Nisa Investment Advisors LLC Lowers Stock Position in California Resources Co. (NYSE:CRC)

Nisa Investment Advisors LLC lessened its holdings in California Resources Co. (NYSE:CRC) by 65.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 634 shares of the oil and gas producer’s stock after selling 1,225 shares during the period. Nisa Investment Advisors LLC’s holdings in California Resources were worth $33,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Texas Permanent School Fund Corp lifted its position in California Resources by 1.3% during 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 acquiring an additional 738 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of California Resources by 497.6% in the first quarter. SG Americas Securities LLC now owns 30,945 shares of the oil and gas producer’s stock worth $1,705,000 after buying an additional 25,767 shares during the last quarter. Sei Investments Co. raised its holdings in shares of California Resources by 44.7% in the first quarter. Sei Investments Co. now owns 71,693 shares of the oil and gas producer’s stock worth $3,950,000 after buying an additional 22,150 shares during the last quarter. ProShare Advisors LLC raised its holdings in shares of California Resources by 7.5% in the first quarter. ProShare Advisors LLC now owns 13,937 shares of the oil and gas producer’s stock worth $768,000 after buying an additional 967 shares during the last quarter. Finally, Private Management Group Inc. raised its holdings in shares of California Resources by 0.9% in the first quarter. Private Management Group Inc. now owns 692,938 shares of the oil and gas producer’s stock worth $38,181,000 after buying an additional 5,898 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

Shares of CRC opened at $56.90 on Friday. California Resources Co. has a fifty-two week low of $43.09 and a fifty-two week high of $60.41. The firm’s 50 day moving average price is $51.95 and its 200 day moving average price is $50.76. The company has a market cap of $3.86 billion, a P/E ratio of 25.29, a PEG ratio of 1.30 and a beta of 0.98. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. During the same quarter in the previous year, the business posted $1.02 EPS. The firm’s revenue was up 194.1% on a year-over-year basis. On average, research analysts forecast that California Resources Co. will post 3.45 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Monday, December 2nd. California Resources’s payout ratio is 68.89%.

Insider Activity

In other California Resources news, Director Christian S. Kendall purchased 20,895 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average price 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 in the company, valued at approximately $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Francisco Leon sold 7,500 shares of the 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 completion of the transaction, the chief executive officer now owns 166,357 shares in the company, valued at $8,181,437.26. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Christian S. Kendall purchased 20,895 shares of the business’s stock in a transaction dated 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 acquisition, the director now directly owns 24,600 shares in the company, valued at approximately $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 26,270 shares of company stock worth $1,387,778. Corporate insiders own 0.63% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Stephens assumed coverage on shares of California Resources in a report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and raised their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. StockNews.com cut shares of California Resources from a “hold” rating to a “sell” rating in a report on Friday. UBS Group began coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective for the company. Finally, Citigroup lifted their price objective on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $65.50.

About California Resources

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.