Victory Capital Management Inc. Reduces Stock Holdings in California Resources Co. (NYSE:CRC)

Victory Capital Management Inc. lessened its position in shares of California Resources Co. (NYSE:CRC) by 1.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,062,752 shares of the oil and gas producer’s stock after selling 15,371 shares during the quarter. Victory Capital Management Inc.’s holdings in California Resources were worth $55,763,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jupiter Asset Management Ltd. purchased a new stake in shares of California Resources in the first quarter valued at about $4,847,000. Sei Investments Co. lifted its stake in California Resources by 44.7% in the 1st quarter. Sei Investments Co. now owns 71,693 shares of the oil and gas producer’s stock valued at $3,950,000 after buying an additional 22,150 shares in the last quarter. Interval Partners LP acquired a new stake in California Resources during the 2nd quarter valued at $2,213,000. Vest Financial LLC increased its position in California Resources by 38.4% during the second quarter. Vest Financial LLC now owns 470,694 shares of the oil and gas producer’s stock worth $25,050,000 after buying an additional 130,526 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of California Resources in the second quarter worth $729,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at California Resources

In related news, CEO Francisco Leon sold 7,500 shares of the firm’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 completion of the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This trade represents a 4.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares in the company, valued at $916,953. This represents a 36.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,270 shares of company stock valued at $1,387,778 over the last three months. 0.03% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently commented on CRC. StockNews.com lowered California Resources from a “hold” rating to a “sell” rating in a research note on Friday, November 8th. Barclays lifted their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. UBS Group initiated coverage on shares of California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective on the stock. Stephens began coverage on shares of California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price for the company. Finally, TD Cowen started coverage on California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

California Resources Stock Performance

Shares of NYSE:CRC opened at $58.40 on Friday. The business has a 50-day moving average of $52.70 and a two-hundred day moving average of $50.86. The firm has a market capitalization of $3.96 billion, a PE ratio of 9.20, a P/E/G ratio of 1.45 and a beta of 0.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources Co. has a 12 month low of $43.09 and a 12 month high of $60.41.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. During the same quarter last year, the firm posted $1.02 earnings per share. California Resources’s revenue for the quarter was up 194.1% compared to the same quarter last year. As a group, research analysts forecast that California Resources Co. will post 3.42 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.3875 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.65%. California Resources’s dividend payout ratio is currently 24.41%.

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.