State of New Jersey Common Pension Fund D Decreases Position in California Resources Co. (NYSE:CRC)

State of New Jersey Common Pension Fund D trimmed its position in California Resources Co. (NYSE:CRC) by 22.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 40,100 shares of the oil and gas producer’s stock after selling 11,532 shares during the period. State of New Jersey Common Pension Fund D’s holdings in California Resources were worth $2,134,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Hennessy Advisors Inc. boosted its stake in shares of California Resources by 14.1% in the first quarter. Hennessy Advisors Inc. now owns 432,200 shares of the oil and gas producer’s stock worth $23,814,000 after acquiring an additional 53,400 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in California Resources during the 1st quarter worth $4,847,000. Sei Investments Co. grew its holdings in shares of California Resources by 44.7% during 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 in the last quarter. SG Americas Securities LLC grew its holdings in shares of California Resources by 497.6% during 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 in the last quarter. Finally, Empowered Funds LLC raised its position in shares of California Resources by 879.4% in the first quarter. Empowered Funds LLC now owns 143,051 shares of the oil and gas producer’s stock valued at $7,882,000 after buying an additional 128,445 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Stock Up 0.9 %

Shares of NYSE:CRC opened at $52.77 on Friday. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 1.19 and a beta of 0.98. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $58.44. The business has a 50-day moving average price of $50.15 and a 200 day moving average price of $51.07. 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 announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share 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 in the prior year, the business earned $0.53 earnings per share. California Resources’s revenue was down 13.0% on a year-over-year basis. Sell-side analysts expect that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 2.94%. This is a boost from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s dividend payout ratio is 44.41%.

Insider Transactions at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Noelle M. Repetti sold 10,000 shares of the company’s 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. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Christian S. Kendall bought 20,895 shares of California Resources stock in a transaction on Tuesday, August 13th. The shares were acquired at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the acquisition, the director now owns 24,600 shares in the company, valued at $1,180,062. The disclosure for this purchase can be found here. Company insiders own 0.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Citigroup upped their price objective on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Barclays dropped their price target on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Bank of America raised 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 research note on Wednesday, August 21st. Finally, TD Cowen initiated 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. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

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.