Principal Financial Group Inc. Decreases Stock Position in California Resources Co. (NYSE:CRC)

Principal Financial Group Inc. trimmed its position in shares of California Resources Co. (NYSE:CRC) by 3.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 360,172 shares of the oil and gas producer’s stock after selling 12,592 shares during the quarter. Principal Financial Group Inc. owned 0.53% of California Resources worth $18,898,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Amalgamated Bank lifted its holdings in shares of California Resources by 3.1% in the 3rd quarter. Amalgamated Bank now owns 20,406 shares of the oil and gas producer’s stock worth $1,071,000 after acquiring an additional 605 shares during the last quarter. Private Management Group Inc. raised its position in California Resources by 0.3% in the 3rd quarter. Private Management Group Inc. now owns 796,610 shares of the oil and gas producer’s stock worth $41,798,000 after purchasing an additional 2,651 shares during the period. Farther Finance Advisors LLC lifted its stake in California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of California Resources by 5.4% during the third quarter. State of Alaska Department of Revenue now owns 39,705 shares of the oil and gas producer’s stock valued at $2,083,000 after buying an additional 2,029 shares during the period. Finally, Clear Harbor Asset Management LLC grew its stake in shares of California Resources by 85.5% during the third quarter. Clear Harbor Asset Management LLC now owns 7,050 shares of the oil and gas producer’s stock valued at $370,000 after buying an additional 3,250 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CRC. Royal Bank of Canada restated an “outperform” rating and set a $65.00 price objective on shares of California Resources in a report on Monday, August 12th. Barclays upped their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. UBS Group started coverage on shares of California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective for the company. TD Cowen started 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, Stephens assumed coverage on shares of California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.50.

California Resources Stock Up 1.6 %

California Resources stock opened at $58.40 on Friday. California Resources Co. has a twelve month low of $43.09 and a twelve month high of $60.41. The business has a fifty day moving average of $52.70 and a two-hundred day moving average of $50.86. The firm has a market cap of $3.96 billion, a P/E ratio of 9.20, a P/E/G ratio of 1.45 and a beta of 0.98. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm’s revenue for the quarter was up 194.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.02 earnings per share. On average, analysts forecast that California Resources Co. will post 3.42 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.3875 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 2.65%. California Resources’s dividend payout ratio (DPR) is presently 24.41%.

Insider Buying and Selling at California Resources

In other California Resources news, 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 value 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 approximately $8,181,437.26. This trade represents a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the transaction, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,270 shares of company stock worth $1,387,778 over the last three months. Corporate insiders own 0.03% of the company’s stock.

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.