California Resources Co. (NYSE:CRC) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in California Resources Co. (NYSE:CRC) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,809 shares of the oil and gas producer’s stock after selling 2,076 shares during the period. New York State Common Retirement Fund owned approximately 0.24% of California Resources worth $8,902,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CRC. Jennison Associates LLC purchased a new stake in shares of California Resources during the 4th quarter valued at about $5,585,000. Federated Hermes Inc. lifted its position in shares of California Resources by 1.0% during the fourth quarter. Federated Hermes Inc. now owns 224,799 shares of the oil and gas producer’s stock worth $12,292,000 after purchasing an additional 2,148 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of California Resources by 10.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,927 shares of the oil and gas producer’s stock valued at $652,000 after purchasing an additional 1,115 shares during the period. Louisiana State Employees Retirement System acquired a new stake in California Resources during the 4th quarter valued at $1,766,000. Finally, Allspring Global Investments Holdings LLC increased its stake in California Resources by 638.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 89,784 shares of the oil and gas producer’s stock worth $4,909,000 after buying an additional 77,628 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Stock Down 3.4 %

CRC stock opened at $51.08 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24. The firm’s 50-day simple moving average is $54.14 and its 200 day simple moving average is $52.70. The stock has a market cap of $3.51 billion, a PE ratio of 6.62 and a beta of 1.02. California Resources Co. has a fifty-two week low of $37.21 and a fifty-two week high of $58.44.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.08). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The firm had revenue of $726.00 million during the quarter, compared to analyst estimates of $553.47 million. During the same quarter in the previous year, the business posted $1.24 EPS. California Resources’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, sell-side analysts predict that California Resources Co. will post 4.64 EPS for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.43%. California Resources’s payout ratio is 16.06%.

Analyst Ratings Changes

A number of equities analysts have weighed in on CRC shares. Bank of America cut shares of California Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $64.00 to $60.00 in a research report on Friday, January 5th. Mizuho dropped their price objective on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 target price on shares of California Resources in a research note on Wednesday, March 6th. Stifel Nicolaus upped their price target on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Barclays initiated coverage on shares of California Resources in a report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have assigned 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 target price of $63.57.

California Resources Company 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.