DekaBank Deutsche Girozentrale Cuts Stake in California Resources Co. (NYSE:CRC)

DekaBank Deutsche Girozentrale cut its holdings in California Resources Co. (NYSE:CRC) by 30.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,489 shares of the oil and gas producer’s stock after selling 1,537 shares during the period. DekaBank Deutsche Girozentrale’s holdings in California Resources were worth $184,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CRC. Hennessy Advisors Inc. lifted its holdings in shares of California Resources by 14.1% in the first quarter. Hennessy Advisors Inc. now owns 432,200 shares of the oil and gas producer’s stock worth $23,814,000 after buying an additional 53,400 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in California Resources in the 1st quarter worth $4,847,000. Sei Investments Co. boosted its holdings in shares of California Resources by 44.7% during 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 purchasing an additional 22,150 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of California Resources by 497.6% during the 1st quarter. SG Americas Securities LLC now owns 30,945 shares of the oil and gas producer’s stock valued at $1,705,000 after purchasing an additional 25,767 shares during the last quarter. Finally, Empowered Funds LLC grew its position in shares of California Resources by 879.4% during the first quarter. Empowered Funds LLC now owns 143,051 shares of the oil and gas producer’s stock valued at $7,882,000 after purchasing an additional 128,445 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Price Performance

CRC stock opened at $52.91 on Friday. The stock has a market cap of $3.63 billion, a PE ratio of 15.16, a P/E/G ratio of 1.19 and a beta of 0.98. California Resources Co. has a 12 month low of $43.09 and a 12 month high of $58.44. The company has a 50-day moving average price of $50.14 and a 200 day moving average price of $51.08. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter in the previous year, the company posted $0.53 earnings per share. The company’s quarterly revenue was down 13.0% compared to the same quarter last year. Equities research analysts anticipate that California Resources Co. will post 3.45 earnings per share for the current year.

California Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a dividend of $0.3875 per share. This is a positive change from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Friday, August 30th. California Resources’s payout ratio is currently 44.41%.

Insider Transactions at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other California Resources news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at approximately $8,181,437.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the transaction, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. TD Cowen started coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 target price for the company. Citigroup boosted their price target on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Barclays lowered their price objective on shares of California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Finally, Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

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.