California Resources Co. (NYSE:CRC) Shares Sold by Seven Eight Capital LP

Seven Eight Capital LP lowered its holdings in shares of California Resources Co. (NYSE:CRC) by 9.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,109 shares of the oil and gas producer’s stock after selling 1,400 shares during the period. Seven Eight Capital LP’s holdings in California Resources were worth $722,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. TFO Wealth Partners LLC grew its holdings 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 buying an additional 1,356 shares in the last quarter. Quadrant Capital Group LLC raised its holdings 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 acquiring an additional 722 shares in the last quarter. Donoghue Forlines LLC acquired a new stake in California Resources in the fourth quarter valued at $282,000. Bridgefront Capital LLC acquired a new stake in California Resources in the fourth quarter valued at $398,000. Finally, Cim LLC acquired a new stake in shares of California Resources during the fourth quarter worth $494,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Barclays assumed coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of California Resources in a report on Wednesday, June 12th. Stifel Nicolaus upped their price objective on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Citigroup began coverage on shares of California Resources in a research note on Friday. They set a “buy” rating and a $63.00 price objective for the company. Finally, Mizuho increased their price target on shares of California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $62.71.

Insider Transactions at California Resources

In other news, Director Mark Allen Mcfarland sold 37,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $48.10, for a total value of $1,779,700.00. Following the sale, the director now owns 104,939 shares in the company, valued at $5,047,565.90. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.03% of the stock is currently owned by corporate insiders.

California Resources Stock Performance

CRC stock traded down $0.48 during midday trading on Tuesday, hitting $50.99. 569,310 shares of the company traded hands, compared to its average volume of 914,056. California Resources Co. has a twelve month low of $43.30 and a twelve month high of $58.44. The company has a quick ratio of 1.29, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The business has a 50 day simple moving average of $49.67 and a 200-day simple moving average of $51.62. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 0.60 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.17. The business had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. California Resources had a net margin of 11.34% and a return on equity of 11.00%. California Resources’s quarterly revenue was down 55.7% on a year-over-year basis. During the same quarter last year, the company posted $2.63 earnings per share. As a group, equities research analysts predict that California Resources Co. will post 4.44 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were paid a $0.31 dividend. The ex-dividend date was Friday, May 31st. This represents a $1.24 annualized dividend and a dividend yield of 2.43%. California Resources’s payout ratio is 35.53%.

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.