Maven Securities LTD Reduces Stock Position in California Resources Co. (NYSE:CRC)

Maven Securities LTD trimmed its position in California Resources Co. (NYSE:CRC) by 16.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,000 shares of the oil and gas producer’s stock after selling 10,000 shares during the quarter. Maven Securities LTD’s holdings in California Resources were worth $2,661,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Lazard Asset Management LLC boosted its holdings in California Resources by 3.7% in the first quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock valued at $390,000 after purchasing an additional 253 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of California Resources by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock valued at $1,719,000 after buying an additional 400 shares during the period. Texas Permanent School Fund Corp boosted its stake in shares of California Resources by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock worth $3,111,000 after buying an additional 738 shares during the last quarter. Bfsg LLC grew its holdings in California Resources by 15.4% during the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock worth $339,000 after acquiring an additional 851 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in 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 valued at $768,000 after acquiring an additional 967 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CRC shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 target price on shares of California Resources in a research note on Monday, August 12th. TD Cowen initiated coverage on shares of California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 target price on the stock. 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. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, Citigroup raised their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $64.00.

Insiders Place Their Bets

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

California Resources Trading Up 0.6 %

CRC stock opened at $52.78 on Wednesday. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $57.88. The business’s 50-day moving average is $50.21 and its 200 day moving average is $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. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 1.31 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). The business had revenue of $514.00 million for the quarter, compared to analyst estimates of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The company’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same period last year, the firm earned $0.53 EPS. On average, sell-side analysts anticipate that California Resources Co. will post 3.45 EPS for the current fiscal 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 is an increase from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a yield of 2.94%. California Resources’s dividend payout ratio is presently 44.41%.

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.