ProShare Advisors LLC Trims Stock Holdings in California Resources Co. (NYSE:CRC)

ProShare Advisors LLC lowered its stake in shares of California Resources Co. (NYSE:CRC) by 23.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,619 shares of the oil and gas producer’s stock after selling 3,318 shares during the period. ProShare Advisors LLC’s holdings in California Resources were worth $565,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. TFO Wealth Partners LLC grew its holdings in California Resources by 67,800.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after buying an additional 1,356 shares in the last quarter. Privium Fund Management B.V. purchased a new position in California Resources during the second quarter valued at approximately $258,000. Hyperion Capital Advisors LP bought a new stake in California Resources during the 1st quarter worth approximately $275,000. AlphaMark Advisors LLC purchased a new stake in California Resources in the 2nd quarter worth approximately $320,000. Finally, Bfsg LLC boosted its holdings in California Resources by 15.4% in the 2nd quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock valued at $339,000 after purchasing an additional 851 shares during the period. 97.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on CRC shares. Barclays reduced their target price on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. TD Cowen began coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target on the stock. Finally, Citigroup lifted their price objective on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, California Resources has an average rating of “Moderate Buy” and an average price target of $64.00.

California Resources Stock Performance

Shares of CRC stock opened at $51.47 on Monday. The firm has a market capitalization of $3.53 billion, a PE ratio of 14.75, a P/E/G ratio of 1.31 and a beta of 0.98. The company has a 50 day moving average price of $50.15 and a 200-day moving average price of $51.09. California Resources Co. has a 52 week low of $43.09 and a 52 week high of $58.19. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). The business had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 EPS. As a group, equities research analysts expect that California Resources Co. will post 3.45 earnings per share for the current year.

California Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a $0.3875 dividend. This is a positive change from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date was Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.01%. California Resources’s dividend payout ratio is 44.41%.

Insider Buying and Selling

In related news, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other California Resources news, Director Christian S. Kendall acquired 20,895 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the acquisition, the director now directly owns 24,600 shares in the company, valued at $1,180,062. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.

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.