Grantham Mayo Van Otterloo & Co. LLC Trims Stock Position in California Resources Corporation $CRC

Grantham Mayo Van Otterloo & Co. LLC trimmed its holdings in shares of California Resources Corporation (NYSE:CRC) by 13.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,115,379 shares of the oil and gas producer’s stock after selling 174,100 shares during the period. Grantham Mayo Van Otterloo & Co. LLC owned about 1.33% of California Resources worth $59,316,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CRC. Sourcerock Group LLC raised its holdings in shares of California Resources by 63.8% in the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after acquiring an additional 779,280 shares during the last quarter. Invesco Ltd. lifted its holdings in California Resources by 155.8% in the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock valued at $48,527,000 after purchasing an additional 647,190 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of California Resources by 15.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,549,636 shares of the oil and gas producer’s stock worth $188,776,000 after purchasing an additional 474,521 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of California Resources by 461.5% during the second quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock worth $25,440,000 after buying an additional 457,835 shares in the last quarter. Finally, Orion Porfolio Solutions LLC grew its holdings in shares of California Resources by 5,657.2% during the second quarter. Orion Porfolio Solutions LLC now owns 411,239 shares of the oil and gas producer’s stock worth $18,781,000 after buying an additional 404,096 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at California Resources

In other news, VP Noelle M. Repetti sold 8,564 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $63.71, for a total value of $545,612.44. Following the transaction, the vice president directly owned 7,684 shares in the company, valued at $489,547.64. This trade represents a 52.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.03% of the stock is currently owned by company insiders.

California Resources Stock Performance

NYSE:CRC opened at $64.97 on Friday. The company has a market cap of $5.76 billion, a P/E ratio of 15.92 and a beta of 1.12. The firm’s 50 day moving average is $52.71 and its two-hundred day moving average is $50.35. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $65.68. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.35.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). The company had revenue of $924.00 million for the quarter, compared to analysts’ expectations of $789.67 million. California Resources had a net margin of 9.89% and a return on equity of 10.23%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. Analysts expect that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.405 per share. The ex-dividend date is Friday, March 13th. This represents a $1.62 annualized dividend and a yield of 2.5%. California Resources’s dividend payout ratio is currently 39.71%.

Analyst Ratings Changes

Several brokerages recently issued reports on CRC. Barclays upped their price objective on shares of California Resources from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Mizuho boosted their price target on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Pickering Energy Partners lowered California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Finally, Wells Fargo & Company lifted their price objective on California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.90.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.