EMC Capital Management Sells 4,962 Shares of California Resources Co. (NYSE:CRC)

EMC Capital Management trimmed its holdings in California Resources Co. (NYSE:CRC) by 33.6% in the 4th quarter, Holdings Channel reports. The fund owned 9,799 shares of the oil and gas producer’s stock after selling 4,962 shares during the quarter. EMC Capital Management’s holdings in California Resources were worth $508,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. State Street Corp increased its holdings in shares of California Resources by 5.1% during the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after acquiring an additional 168,278 shares in the last quarter. Geode Capital Management LLC increased its stake in California Resources by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after purchasing an additional 55,815 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in California Resources by 8.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after buying an additional 75,606 shares during the last quarter. Private Management Group Inc. lifted its stake in shares of California Resources by 0.3% in the third quarter. Private Management Group Inc. now owns 796,610 shares of the oil and gas producer’s stock worth $41,798,000 after buying an additional 2,651 shares in the last quarter. Finally, Vest Financial LLC grew its holdings in shares of California Resources by 14.5% during the third quarter. Vest Financial LLC now owns 539,009 shares of the oil and gas producer’s stock valued at $28,282,000 after buying an additional 68,315 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Stock Performance

Shares of NYSE CRC opened at $51.34 on Thursday. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $60.41. The firm has a market capitalization of $4.69 billion, a price-to-earnings ratio of 8.10, a price-to-earnings-growth ratio of 1.09 and a beta of 1.05. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $53.91 and a 200 day moving average of $52.56.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same period in the prior year, the business posted $1.02 EPS. California Resources’s revenue was up 194.1% on a year-over-year basis. On average, research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.02%. The ex-dividend date was Monday, December 2nd. California Resources’s dividend payout ratio (DPR) is currently 24.41%.

Insider Activity

In other news, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the sale, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 50.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This represents a 34.11 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.

Analyst Ratings Changes

CRC has been the topic of several analyst reports. UBS Group assumed coverage on California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 price target on shares of California Resources in a report on Tuesday, January 14th. Stephens began coverage on California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. JPMorgan Chase & Co. started coverage on California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price for the company. Finally, StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and a consensus price target of $67.25.

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.