Everence Capital Management Inc. Lowers Stake in California Resources Co. (NYSE:CRC)

Everence Capital Management Inc. reduced its stake in California Resources Co. (NYSE:CRC) by 43.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,140 shares of the oil and gas producer’s stock after selling 4,800 shares during the quarter. Everence Capital Management Inc.’s holdings in California Resources were worth $319,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CRC. Victory Capital Management Inc. boosted 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 valued at $57,378,000 after purchasing an additional 104,504 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of California Resources by 8.9% in the 2nd quarter. Arizona State Retirement System now owns 15,400 shares of the oil and gas producer’s stock worth $820,000 after buying an additional 1,256 shares during the last quarter. Private Management Group Inc. grew its holdings in shares of California Resources by 14.6% in the second quarter. Private Management Group Inc. now owns 793,959 shares of the oil and gas producer’s stock worth $42,254,000 after acquiring an additional 101,021 shares during the period. SIR Capital Management L.P. purchased a new stake in California Resources during the second quarter valued at $11,820,000. Finally, American Century Companies Inc. increased its position in California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after acquiring an additional 250,367 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

Insider Buying and Selling at California Resources

In other news, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This represents a 34.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction on 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 directly owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.

California Resources Stock Performance

NYSE CRC opened at $52.09 on Tuesday. The business has a 50-day moving average price of $54.85 and a 200-day moving average price of $52.43. The firm has a market cap of $4.76 billion, a price-to-earnings ratio of 8.20, a price-to-earnings-growth ratio of 1.35 and a beta of 1.05. California Resources Co. has a twelve month low of $43.09 and a twelve month high of $60.41. 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 posted its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.62. The business had revenue of $1.35 billion during 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 period in the prior year, the company posted $1.02 EPS. As a group, equities research analysts predict that California Resources Co. will post 3.58 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s payout ratio is currently 24.41%.

Wall Street Analyst Weigh In

CRC has been the subject of a number of recent research reports. TD Cowen boosted their price target on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Stephens began coverage on shares of California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. Barclays increased their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Finally, UBS Group initiated coverage on California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.09.

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.