Everence Capital Management Inc. Reduces Stake in California Resources Co. (NYSE:CRC)

Everence Capital Management Inc. cut its stake in shares of California Resources Co. (NYSE:CRC) by 43.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,140 shares of the oil and gas producer’s stock after selling 4,800 shares during the period. Everence Capital Management Inc.’s holdings in California Resources were worth $319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC raised its holdings in California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 371 shares during the period. Point72 DIFC Ltd bought a new position in California Resources during the third quarter valued at $70,000. KBC Group NV raised its stake in shares of California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after acquiring an additional 431 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of California Resources by 9.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after acquiring an additional 276 shares during the last quarter. Finally, Atria Investments Inc purchased a new position in shares of California Resources during the 3rd quarter worth about $209,000. 97.79% of the stock is owned by institutional investors.

California Resources Stock Up 0.3 %

NYSE:CRC opened at $52.09 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $60.41. The company has a 50-day moving average of $54.85 and a 200 day moving average of $52.43. The firm has a market cap of $4.76 billion, a PE ratio of 8.20, a price-to-earnings-growth ratio of 1.35 and a beta of 1.05.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.62. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company’s revenue was up 194.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 EPS. As a group, research analysts anticipate that California Resources Co. will post 3.58 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.3875 per share. The ex-dividend date was Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.98%. California Resources’s dividend payout ratio (DPR) is presently 24.41%.

Insider Activity

In other news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the sale, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now directly owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CRC. UBS Group assumed coverage on shares of California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective for the company. StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. JPMorgan Chase & Co. assumed coverage on California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price objective on the stock. Capital One Financial upgraded California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Finally, Stephens started coverage on shares of California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.09.

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.