California Resources Co. (NYSE:CRC) Shares Sold by TD Asset Management Inc

TD Asset Management Inc reduced its position in California Resources Co. (NYSE:CRC) by 15.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,300 shares of the oil and gas producer’s stock after selling 7,800 shares during the quarter. TD Asset Management Inc owned approximately 0.06% of California Resources worth $2,198,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRC. Charles Schwab Investment Management Inc. increased its holdings in California Resources by 10.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 840,076 shares of the oil and gas producer’s stock valued at $45,935,000 after buying an additional 76,172 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of California Resources by 92.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after purchasing an additional 722 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of California Resources by 26.7% during the fourth quarter. Franklin Resources Inc. now owns 22,371 shares of the oil and gas producer’s stock valued at $1,223,000 after purchasing an additional 4,720 shares during the last quarter. US Bancorp DE grew its holdings in shares of California Resources by 3,737.6% during the fourth quarter. US Bancorp DE now owns 13,585 shares of the oil and gas producer’s stock valued at $743,000 after purchasing an additional 13,231 shares during the last quarter. Finally, TFO Wealth Partners LLC grew its holdings in shares of California Resources by 67,800.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after purchasing an additional 1,356 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

California Resources Stock Performance

CRC opened at $49.93 on Friday. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 1.19 and a beta of 0.98. 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 Co. has a 1-year low of $43.09 and a 1-year high of $58.44. The business has a 50 day moving average price of $50.11 and a two-hundred day moving average price of $51.12.

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

California Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Friday, August 30th. This is an increase from California Resources’s previous quarterly dividend of $0.31. California Resources’s dividend payout ratio is 44.41%.

Insider Activity

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

Wall Street Analysts Forecast Growth

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

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.