Wedge Capital Management L L P NC Cuts Stock Holdings in California Resources Co. (NYSE:CRC)

Wedge Capital Management L L P NC lowered its stake in California Resources Co. (NYSE:CRC) by 15.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,260 shares of the oil and gas producer’s stock after selling 2,606 shares during the quarter. Wedge Capital Management L L P NC’s holdings in California Resources were worth $780,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRC. Headlands Technologies LLC purchased a new stake in California Resources in the third quarter worth approximately $45,000. PNC Financial Services Group Inc. boosted its stake in shares of California Resources by 56.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock worth $134,000 after acquiring an additional 865 shares during the last quarter. Assetmark Inc. boosted its stake in shares of California Resources by 16.3% during the 3rd quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock worth $141,000 after acquiring an additional 353 shares during the last quarter. iA Global Asset Management Inc. purchased a new position in shares of California Resources during the 3rd quarter worth $211,000. Finally, Profund Advisors LLC purchased a new position in shares of California Resources during the 3rd quarter worth $213,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Performance

Shares of NYSE:CRC opened at $55.26 on Friday. California Resources Co. has a 52 week low of $37.21 and a 52 week high of $58.44. The stock has a market capitalization of $3.80 billion, a P/E ratio of 7.16 and a beta of 1.02. The firm has a fifty day simple moving average of $54.09 and a two-hundred day simple moving average of $52.74. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business had revenue of $726.00 million during the quarter, compared to analysts’ expectations of $553.47 million. During the same period in the previous year, the business earned $1.24 earnings per share. The business’s quarterly revenue was up 6.5% on a year-over-year basis. On average, analysts expect that California Resources Co. will post 4.64 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were paid a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.24%. California Resources’s dividend payout ratio is presently 16.06%.

Analyst Upgrades and Downgrades

CRC has been the topic of several analyst reports. Mizuho dropped their price target on shares of California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada restated an “outperform” rating and set a $70.00 price objective on shares of California Resources in a research report on Wednesday, March 6th. Barclays started coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price objective on the stock. Stifel Nicolaus raised their price objective on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Bank of America downgraded shares of California Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $64.00 to $60.00 in a research report on Friday, January 5th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.57.

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.