California Resources Co. (NYSE:CRC) Shares Sold by Stifel Financial Corp

Stifel Financial Corp lessened its holdings in California Resources Co. (NYSE:CRC) by 72.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,220 shares of the oil and gas producer’s stock after selling 21,156 shares during the quarter. Stifel Financial Corp’s holdings in California Resources were worth $431,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of California Resources by 20.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,317 shares of the oil and gas producer’s stock valued at $656,000 after purchasing an additional 2,116 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of California Resources during the second quarter worth $729,000. Empirical Finance LLC acquired a new stake in shares of California Resources during the second quarter worth $597,000. Privium Fund Management B.V. purchased a new stake in shares of California Resources during the second quarter valued at $258,000. Finally, Hussman Strategic Advisors Inc. increased its position in shares of California Resources by 36.8% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 78,000 shares of the oil and gas producer’s stock valued at $4,151,000 after acquiring an additional 21,000 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

NYSE:CRC opened at $50.23 on Friday. The company has a 50 day moving average price of $54.93 and a 200-day moving average price of $52.28. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $60.41. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of 7.91, a price-to-earnings-growth ratio of 1.35 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89.

California Resources (NYSE:CRC) last released 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. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. During the same quarter in the previous year, the company earned $1.02 earnings per share. The firm’s revenue for the quarter was up 194.1% on a year-over-year basis. Equities research analysts forecast that California Resources Co. will post 3.58 EPS for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.3875 per share. The ex-dividend date was Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a yield of 3.09%. California Resources’s dividend payout ratio is currently 24.41%.

Insider Buying and Selling at California Resources

In related news, 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 completion of the transaction, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This represents a 50.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on CRC. Capital One Financial raised California Resources to a “strong-buy” rating in a research report on Monday, December 9th. StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. TD Cowen increased their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Jefferies Financial Group started coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective for the company. Finally, UBS Group initiated coverage on shares of California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $66.09.

About California Resources

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.