Texas Permanent School Fund Corp Sells 1,022 Shares of California Resources Co. (NYSE:CRC)

Texas Permanent School Fund Corp reduced its position in shares of California Resources Co. (NYSE:CRC) by 1.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 55,430 shares of the oil and gas producer’s stock after selling 1,022 shares during the quarter. Texas Permanent School Fund Corp owned about 0.08% of California Resources worth $2,950,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in California Resources by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after buying an additional 344,043 shares during the period. Victory Capital Management Inc. raised its stake in California Resources by 10.7% during the 2nd quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock worth $57,378,000 after buying an additional 104,504 shares during the period. Charles Schwab Investment Management Inc. raised its stake in California Resources by 10.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 840,076 shares of the oil and gas producer’s stock worth $45,935,000 after buying an additional 76,172 shares during the period. Private Management Group Inc. raised its stake in California Resources by 14.6% during the 2nd quarter. Private Management Group Inc. now owns 793,959 shares of the oil and gas producer’s stock worth $42,254,000 after buying an additional 101,021 shares during the period. Finally, DAVENPORT & Co LLC raised its stake in California Resources by 49.1% during the 1st quarter. DAVENPORT & Co LLC now owns 627,553 shares of the oil and gas producer’s stock worth $34,472,000 after buying an additional 206,607 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at California Resources

In other California Resources news, CEO Francisco Leon sold 7,500 shares of the 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 completion of the transaction, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Christian S. Kendall purchased 20,895 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was purchased 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 directly owns 24,600 shares of the company’s stock, valued at $1,180,062. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The disclosure for this sale can be found here. 0.03% of the stock is owned by corporate insiders.

California Resources Stock Performance

Shares of CRC opened at $49.93 on Monday. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 1.19 and a beta of 0.98. The stock has a 50 day moving average of $50.11 and a 200 day moving average of $51.08. California Resources Co. has a 12 month low of $43.09 and a 12 month high of $58.44.

California Resources (NYSE:CRC) last issued its quarterly 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). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. During the same period in the previous year, the business posted $0.53 earnings per share. The business’s revenue was down 13.0% compared to the same quarter last year. 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 3.10%. This is a positive change from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, August 30th. California Resources’s dividend payout ratio is 44.41%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRC. Barclays lowered 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. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Citigroup increased 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. TD Cowen began coverage on California Resources in a research note on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective for the company. Finally, Bank of America raised California Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

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.