Private Management Group Inc. Lowers Stock Holdings in California Resources Corporation $CRC

Private Management Group Inc. cut its holdings in shares of California Resources Corporation (NYSE:CRC) by 1.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 877,117 shares of the oil and gas producer’s stock after selling 8,967 shares during the quarter. California Resources makes up approximately 1.4% of Private Management Group Inc.’s portfolio, making the stock its 8th largest holding. Private Management Group Inc. owned 1.05% of California Resources worth $46,645,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CRC. Clearstead Advisors LLC increased its stake in shares of California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 226 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of California Resources during the 3rd quarter valued at approximately $29,000. Nomura Asset Management Co. Ltd. boosted its holdings in California Resources by 97.9% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 460 shares during the period. Nisa Investment Advisors LLC boosted its holdings in California Resources by 29.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 219 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in California Resources by 242.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock valued at $67,000 after buying an additional 1,045 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Insider Activity at California Resources

In other California Resources news, Director Mark Allen Mcfarland sold 16,372 shares of California Resources stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the completion of the sale, the director directly owned 76,265 shares in the company, valued at $4,944,259.95. The trade was a 17.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Noelle M. Repetti sold 8,564 shares of California Resources stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total transaction of $545,612.44. Following the sale, the vice president owned 7,684 shares of the company’s stock, valued at approximately $489,547.64. The trade was a 52.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 72,283 shares of company stock valued at $4,636,646. Company insiders own 0.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Barclays boosted their target price on shares of California Resources from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. TD Cowen upgraded California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Finally, UBS Group raised their target price on California Resources from $63.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $66.90.

California Resources Price Performance

California Resources stock opened at $61.59 on Friday. The stock has a market cap of $5.46 billion, a price-to-earnings ratio of 15.09 and a beta of 1.12. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. The business has a 50-day simple moving average of $54.45 and a 200 day simple moving average of $50.81. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $66.35.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). The business had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. California Resources had a net margin of 9.89% and a return on equity of 10.23%. The business’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.91 EPS. On average, research analysts forecast that California Resources Corporation will post 3.85 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 Friday, March 20th. Investors of record on Friday, March 13th will be given a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, March 13th. California Resources’s dividend payout ratio is 39.71%.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.