State of Alaska Department of Revenue Sells 12,121 Shares of California Resources Corporation $CRC

State of Alaska Department of Revenue lessened its position in California Resources Corporation (NYSE:CRC) by 41.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 16,836 shares of the oil and gas producer’s stock after selling 12,121 shares during the period. State of Alaska Department of Revenue’s holdings in California Resources were worth $854,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CRC. Fortitude Family Office LLC lifted its holdings in shares of California Resources by 1,073.6% in the 3rd quarter. Fortitude Family Office LLC now owns 2,089 shares of the oil and gas producer’s stock worth $106,000 after purchasing an additional 1,911 shares in the last quarter. GAMMA Investing LLC grew its position in California Resources by 15.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,175 shares of the oil and gas producer’s stock valued at $110,000 after purchasing an additional 296 shares during the period. Farther Finance Advisors LLC grew its position in California Resources by 83.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,819 shares of the oil and gas producer’s stock valued at $194,000 after purchasing an additional 1,733 shares during the period. Integrated Wealth Concepts LLC bought a new stake in California Resources during the 2nd quarter valued at $109,000. Finally, Corient Private Wealth LP increased its stake in California Resources by 61.2% during the 2nd quarter. Corient Private Wealth LP now owns 11,799 shares of the oil and gas producer’s stock valued at $624,000 after purchasing an additional 4,479 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Activity

In other news, EVP Jay Bys sold 11,907 shares of the stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president owned 123,703 shares in the company, valued at $6,679,962. This represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 35,721 shares of company stock valued at $1,928,934. Corporate insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

CRC has been the topic of several research reports. Weiss Ratings upgraded shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Stephens dropped their price objective on shares of California Resources from $93.00 to $91.00 and set an “overweight” rating on the stock in a research note on Friday, September 18th. UBS Group reiterated a “buy” rating and set a $68.00 price objective (down from $73.00) on shares of California Resources in a report on Monday, October 12th. Roth Capital reiterated a “buy” rating and set a $59.00 price objective (up from $58.00) on shares of California Resources in a report on Thursday, September 17th. Finally, Stifel Nicolaus began coverage on shares of California Resources in a research report on Thursday, September 10th. They set a “buy” rating and a $68.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $74.44.

California Resources Stock Down 1.5%

Shares of NYSE:CRC opened at $53.48 on Thursday. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of -39.32 and a beta of 1.02. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98. The business’s 50 day moving average is $53.49 and its 200 day moving average is $56.53.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The company’s quarterly revenue was up 33.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.10 EPS. On average, sell-side analysts forecast that California Resources Corporation will post 4.04 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were paid a $0.4050 dividend. The ex-dividend date was Friday, September 4th. This represents a $1.62 annualized dividend and a dividend yield of 3.0%. California Resources’s dividend payout ratio is presently -119.12%.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.