ProShare Advisors LLC Lowers Holdings in California Resources Co. (NYSE:CRC)

ProShare Advisors LLC lowered its stake in shares of California Resources Co. (NYSE:CRC) by 23.8% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 10,619 shares of the oil and gas producer’s stock after selling 3,318 shares during the period. ProShare Advisors LLC’s holdings in California Resources were worth $565,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. TFO Wealth Partners LLC grew its holdings in 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 worth $74,000 after acquiring an additional 1,356 shares during the period. Privium Fund Management B.V. purchased a new stake in California Resources in the 2nd quarter worth approximately $258,000. Hyperion Capital Advisors LP acquired a new stake in shares of California Resources during the 1st quarter worth approximately $275,000. AlphaMark Advisors LLC purchased a new position in shares of California Resources during the 2nd quarter valued at approximately $320,000. Finally, Bfsg LLC lifted its stake in shares of California Resources by 15.4% in the 2nd 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. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Insiders Place Their Bets

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the firm’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 completion of the sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other California Resources news, Director Christian S. Kendall purchased 20,895 shares of the stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the transaction, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction on 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 in the company, valued at approximately $916,953. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CRC shares. Barclays dropped their target price on California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. TD Cowen started coverage on California Resources in a research report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, Citigroup increased 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. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, California Resources has an average rating of “Moderate Buy” and an average target price of $64.00.

California Resources Stock Up 3.4 %

California Resources stock opened at $51.47 on Monday. The company has a market capitalization of $3.53 billion, a P/E ratio of 14.75, a PEG ratio of 1.31 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43. California Resources Co. has a fifty-two week low of $43.09 and a fifty-two week high of $58.19. The stock has a 50-day simple moving average of $50.15 and a 200-day simple moving average of $51.09.

California Resources (NYSE:CRC) last announced its earnings results 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). The business had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. California Resources’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 earnings per share. Equities research analysts expect that California Resources Co. will post 3.45 earnings per share for the current 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. This represents a $1.55 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Friday, August 30th. This is a positive change from California Resources’s previous quarterly dividend of $0.31. California Resources’s payout ratio is currently 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.