Maven Securities LTD Sells 10,000 Shares of California Resources Co. (NYSE:CRC)

Maven Securities LTD cut its holdings in California Resources Co. (NYSE:CRC) by 16.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,000 shares of the oil and gas producer’s stock after selling 10,000 shares during the period. Maven Securities LTD owned 0.07% of California Resources worth $2,661,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. TFO Wealth Partners LLC boosted its position in shares of California Resources by 67,800.0% during 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 during the last quarter. Privium Fund Management B.V. purchased a new stake in California Resources in the 2nd quarter worth $258,000. Hyperion Capital Advisors LP bought a new position in shares of California Resources during the 1st quarter valued at about $275,000. AlphaMark Advisors LLC purchased a new position in shares of California Resources during the second quarter valued at about $320,000. Finally, Bfsg LLC increased its holdings in shares of California Resources by 15.4% in the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock worth $339,000 after purchasing an additional 851 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at California Resources

In other news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 in the company, valued at $916,953. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, 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 SEC, which can be accessed through this link. Also, VP Noelle M. Repetti sold 10,000 shares of California Resources 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 completion of the sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.

California Resources Stock Up 0.6 %

Shares of CRC opened at $52.78 on Wednesday. The firm has a market capitalization of $3.62 billion, a P/E ratio of 15.12, a P/E/G ratio of 1.31 and a beta of 0.98. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $57.88. The firm has a fifty day moving average price of $50.21 and a 200-day moving average price of $51.07. 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 earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). The company had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business’s revenue was down 13.0% compared to the same quarter last year. During the same period last year, the business posted $0.53 earnings per share. Equities research analysts expect that California Resources Co. will post 3.45 earnings per share for the current year.

California Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.94%. This is a boost from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s dividend payout ratio is presently 44.41%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Citigroup boosted their price objective on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Barclays cut their target price 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. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. TD Cowen initiated coverage on shares of California Resources in a research note on Friday, August 2nd. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $65.00 target price on shares of California Resources in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.00.

About California Resources

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.