Seven Eight Capital LP Trims Stake in California Resources Co. (NYSE:CRC)

Seven Eight Capital LP lowered its holdings in California Resources Co. (NYSE:CRC) by 27.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,471 shares of the oil and gas producer’s stock after selling 3,638 shares during the period. Seven Eight Capital LP’s holdings in California Resources were worth $504,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Quadrant Capital Group LLC raised its stake in California Resources by 92.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after purchasing an additional 722 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of California Resources by 26.7% in the 4th quarter. Franklin Resources Inc. now owns 22,371 shares of the oil and gas producer’s stock worth $1,223,000 after buying an additional 4,720 shares during the last quarter. US Bancorp DE raised its position in shares of California Resources by 3,737.6% during the 4th quarter. US Bancorp DE now owns 13,585 shares of the oil and gas producer’s stock valued at $743,000 after buying an additional 13,231 shares in the last quarter. TD Asset Management Inc bought a new stake in shares of California Resources during the 4th quarter worth $2,149,000. Finally, TFO Wealth Partners LLC grew its position in California Resources by 67,800.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock worth $74,000 after acquiring an additional 1,356 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Stock Up 0.2 %

Shares of California Resources stock opened at $52.85 on Monday. The company’s 50 day moving average price is $50.17 and its 200-day moving average price is $51.07. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $58.44. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 1.19 and a beta of 0.98.

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

California Resources Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRC. Barclays lowered their price target on California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Citigroup boosted their target price on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. TD Cowen began coverage on shares of California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.00.

Insider Buying and Selling at California Resources

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

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.