California Resources Co. (NYSE:CRC) Position Reduced by Northern Trust Corp

Northern Trust Corp decreased its position in shares of California Resources Co. (NYSE:CRCFree Report) by 0.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 872,173 shares of the oil and gas producer’s stock after selling 839 shares during the period. Northern Trust Corp owned 1.27% of California Resources worth $48,850,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRC. BlackRock Inc. raised its holdings in California Resources by 98.7% during the second quarter. BlackRock Inc. now owns 11,706,331 shares of the oil and gas producer’s stock worth $530,180,000 after purchasing an additional 5,815,039 shares in the last quarter. LSV Asset Management increased its holdings in shares of California Resources by 102.0% in the third quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock valued at $164,850,000 after buying an additional 1,485,970 shares in the last quarter. State Street Corp increased its holdings in shares of California Resources by 31.4% in the second quarter. State Street Corp now owns 3,391,414 shares of the oil and gas producer’s stock valued at $153,597,000 after buying an additional 811,120 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of California Resources by 54.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,237,981 shares of the oil and gas producer’s stock valued at $86,161,000 after buying an additional 791,762 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of California Resources by 292.4% in the first quarter. Renaissance Technologies LLC now owns 853,136 shares of the oil and gas producer’s stock valued at $38,161,000 after buying an additional 635,700 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

NYSE CRC opened at $53.96 on Monday. The firm has a market cap of $3.74 billion, a P/E ratio of 6.99 and a beta of 1.02. The stock’s 50-day moving average is $52.15 and its two-hundred day moving average is $53.16. California Resources Co. has a fifty-two week low of $34.02 and a fifty-two week high of $58.44. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.24.

California Resources (NYSE:CRCGet Free Report) last issued its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). The company had revenue of $726.00 million for the quarter, compared to analyst estimates of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.24 EPS. On average, analysts anticipate that California Resources Co. will post 5.16 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Tuesday, March 5th. California Resources’s dividend payout ratio is 16.06%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CRC shares. Mizuho upped their price target on California Resources from $63.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, February 8th. Stifel Nicolaus upped their price target on California Resources from $68.00 to $72.00 and gave the company a “buy” rating in a report on Monday, February 12th. Royal Bank of Canada upped their price target on California Resources from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, February 8th. Finally, Bank of America cut California Resources from a “buy” rating to a “neutral” rating and dropped their price target for the company from $64.00 to $60.00 in a report on Friday, January 5th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.33.

Check Out Our Latest Stock Report on California Resources

About California Resources

(Free Report)

California Resources Corporation operates as an independent oil and natural gas exploration and production 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.

See Also

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Institutional Ownership by Quarter for California Resources (NYSE:CRC)

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