Clayton Partners LLC Trims Holdings in California Resources Co. (NYSE:CRC)

Clayton Partners LLC lessened its holdings in California Resources Co. (NYSE:CRC) by 8.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,876 shares of the oil and gas producer’s stock after selling 10,621 shares during the quarter. California Resources makes up approximately 4.8% of Clayton Partners LLC’s investment portfolio, making the stock its 5th largest position. Clayton Partners LLC owned 0.16% of California Resources worth $6,007,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CRC. Lazard Asset Management LLC boosted its stake in shares of California Resources by 3.7% in the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock valued at $390,000 after purchasing an additional 253 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of California Resources by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock valued at $1,719,000 after purchasing an additional 400 shares during the period. Quadrant Capital Group LLC boosted its position in shares of California Resources by 92.4% during the 4th 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. Texas Permanent School Fund Corp grew its stake in California Resources by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock worth $3,111,000 after purchasing an additional 738 shares during the period. Finally, Bfsg LLC increased its holdings in 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 in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Stock Performance

Shares of CRC opened at $52.91 on Friday. The stock has a 50 day moving average of $50.14 and a 200 day moving average 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 Co. has a 12 month low of $43.09 and a 12 month high of $58.44. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 15.16, a PEG ratio of 1.19 and a beta of 0.98.

California Resources (NYSE:CRC) last released 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 business had revenue of $514.00 million for the quarter, compared to the consensus estimate of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 earnings per share. As a group, sell-side analysts forecast 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 given a dividend of $0.3875 per share. This is an increase 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 dividend payout ratio is currently 44.41%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Citigroup lifted their price objective on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. TD Cowen assumed coverage on California Resources in a research note on Friday, August 2nd. They issued a “buy” rating and a $65.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. Barclays reduced their price objective on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Finally, Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and increased their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Insider Transactions at California Resources

In other news, Director Christian S. Kendall acquired 20,895 shares of California Resources stock in a transaction on Tuesday, August 13th. The stock was acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the acquisition, the director now owns 24,600 shares in the company, valued at $1,180,062. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other California Resources news, Director Christian S. Kendall bought 20,895 shares of California Resources stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares in the company, valued at $8,181,437.26. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.

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.