Maryland State Retirement & Pension System Sells 200 Shares of California Resources Co. (NYSE:CRC)

Maryland State Retirement & Pension System cut its stake in shares of California Resources Co. (NYSE:CRC) by 0.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,243 shares of the oil and gas producer’s stock after selling 200 shares during the period. Maryland State Retirement & Pension System’s holdings in California Resources were worth $1,254,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRC. PNC Financial Services Group Inc. boosted its holdings in California Resources by 56.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock valued at $134,000 after purchasing an additional 865 shares during the period. Trexquant Investment LP increased its stake in California Resources by 49.1% in the 3rd quarter. Trexquant Investment LP now owns 11,771 shares of the oil and gas producer’s stock worth $659,000 after acquiring an additional 3,875 shares during the last quarter. Lazard Asset Management LLC increased its stake in California Resources by 38.1% in the 3rd quarter. Lazard Asset Management LLC now owns 10,616 shares of the oil and gas producer’s stock worth $594,000 after acquiring an additional 2,931 shares during the last quarter. Seven Eight Capital LP raised its holdings in shares of California Resources by 170.8% in the 3rd quarter. Seven Eight Capital LP now owns 12,910 shares of the oil and gas producer’s stock valued at $723,000 after acquiring an additional 8,143 shares in the last quarter. Finally, iA Global Asset Management Inc. bought a new stake in shares of California Resources during the 3rd quarter valued at about $211,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at California Resources

In other California Resources news, Director Mark Allen Mcfarland sold 37,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total value of $1,779,700.00. Following the completion of the transaction, the director now owns 104,939 shares in the company, valued at $5,047,565.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.63% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Barclays started coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 target price for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a report on Wednesday, June 12th. Mizuho lifted their price target on shares of California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Stifel Nicolaus upped their price objective on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $63.00.

California Resources Trading Down 2.2 %

Shares of NYSE CRC traded down $1.16 during mid-day trading on Friday, hitting $51.76. The stock had a trading volume of 53,414 shares, compared to its average volume of 937,774. The business has a 50 day moving average price of $49.57 and a two-hundred day moving average price of $51.87. California Resources Co. has a 1 year low of $43.30 and a 1 year high of $58.44. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.29 and a current ratio of 1.41. The firm has a market cap of $3.55 billion, a P/E ratio of 15.16, a price-to-earnings-growth ratio of 0.61 and a beta of 0.98.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.17. The firm had revenue of $454.00 million for the quarter, compared to analyst estimates of $490.21 million. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The business’s quarterly revenue was down 55.7% compared to the same quarter last year. During the same period last year, the company earned $2.63 EPS. On average, equities analysts anticipate that California Resources Co. will post 4.44 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a $0.31 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.24 annualized dividend and a dividend yield of 2.40%. California Resources’s dividend payout ratio is 35.53%.

California Resources 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.