VIRGINIA RETIREMENT SYSTEMS ET Al Takes $1.32 Million Position in California Resources Corporation $CRC

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of California Resources Corporation (NYSE:CRC) during the second quarter, Holdings Channel.com reports. The fund bought 24,900 shares of the oil and gas producer’s stock, valued at approximately $1,316,000.

Other large investors also recently modified their holdings of the company. California State Teachers Retirement System increased its stake in California Resources by 5,203.8% during the 2nd quarter. California State Teachers Retirement System now owns 4,049,102 shares of the oil and gas producer’s stock valued at $214,076,000 after purchasing an additional 3,972,759 shares in the last quarter. Readystate Asset Management LP lifted its stake in shares of California Resources by 242.3% in the second quarter. Readystate Asset Management LP now owns 82,255 shares of the oil and gas producer’s stock valued at $4,349,000 after buying an additional 58,223 shares in the last quarter. Odyssean LLC acquired a new position in shares of California Resources during the second quarter valued at about $445,000. Proficio Capital Partners LLC acquired a new position in shares of California Resources during the second quarter valued at about $540,000. Finally, Globeflex Capital L P bought a new stake in shares of California Resources during the second quarter worth about $1,296,000. 97.79% of the stock is currently owned by institutional investors.

Insider Transactions at California Resources

In other news, EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president directly owned 135,610 shares of the company’s stock, valued at $7,322,940. This trade represents a 8.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 35,721 shares of company stock valued at $1,928,934. 0.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CRC shares. Stephens set a $85.00 price target on shares of California Resources and gave the company an “overweight” rating in a research report on Friday, July 17th. Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Stifel Nicolaus assumed coverage on California Resources in a research note on Thursday. They issued a “buy” rating and a $68.00 price objective for the company. Citigroup dropped their target price on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, Barclays set a $74.00 target price on California Resources and gave the company an “overweight” rating in a research report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $71.92.

California Resources Stock Performance

Shares of CRC stock opened at $56.71 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56. The firm has a 50-day moving average of $52.97 and a 200-day moving average of $58.55. California Resources Corporation has a one year low of $43.24 and a one year high of $71.98. The company has a market cap of $5.04 billion, a P/E ratio of -41.70 and a beta of 0.90.

California Resources (NYSE:CRC) last released its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.37). The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The business’s revenue was up 33.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.10 earnings per share. Equities research analysts forecast that California Resources Corporation will post 3.9 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, September 4th. California Resources’s dividend payout ratio is -119.12%.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an energy company focused on developing and producing oil and natural gas resources in California. Its operations include exploration, drilling, production, processing and marketing of crude oil, natural gas and natural gas liquids, primarily for customers in the California market.

The company’s assets are located in several of California’s major petroleum-producing regions, including the San Joaquin, Los Angeles and Sacramento basins. California Resources also manages related infrastructure and mineral interests associated with its production operations.

In addition to conventional energy production, California Resources has pursued carbon management opportunities through its Carbon TerraVault platform.