California Resources Corporation $CRC Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its stake in California Resources Corporation (NYSE:CRC) by 16.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 779,627 shares of the oil and gas producer’s stock after selling 152,096 shares during the period. Victory Capital Management Inc.’s holdings in California Resources were worth $41,461,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CRC. American Century Companies Inc. raised its stake in California Resources by 5.6% during the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock worth $159,882,000 after acquiring an additional 159,708 shares in the last quarter. Sourcerock Group LLC grew its holdings in shares of California Resources by 63.8% during 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 purchasing an additional 779,280 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of California Resources by 6.1% during the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer’s stock worth $58,891,000 after purchasing an additional 73,885 shares in the last quarter. Invesco Ltd. increased its position in shares of California Resources by 155.8% during the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock worth $48,527,000 after purchasing an additional 647,190 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of California Resources by 44.6% in the 2nd quarter. Squarepoint Ops LLC now owns 707,288 shares of the oil and gas producer’s stock valued at $32,302,000 after purchasing an additional 218,148 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CRC shares. Barclays raised their price target on California Resources from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Wells Fargo & Company boosted their price objective on California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday. TD Cowen raised California Resources to a “strong-buy” rating in a report on Monday, February 9th. Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, California Resources presently has a consensus rating of “Moderate Buy” and an average target price of $66.90.

California Resources Stock Up 2.2%

Shares of NYSE:CRC opened at $64.97 on Friday. 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. The firm’s 50-day simple moving average is $52.71 and its 200-day simple moving average is $50.35. The company has a market cap of $5.76 billion, a price-to-earnings ratio of 15.92 and a beta of 1.12.

California Resources (NYSE:CRC) last posted its quarterly earnings results 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 firm had revenue of $924.00 million for the quarter, compared to analysts’ expectations of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.91 earnings per share. As a group, equities research analysts predict that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be given 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 payout ratio is presently 39.71%.

Insider Activity

In other news, VP Noelle M. Repetti sold 8,564 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $63.71, for a total value of $545,612.44. Following the completion of the sale, the vice president directly owned 7,684 shares of the company’s stock, valued at $489,547.64. This trade represents a 52.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.03% of the company’s stock.

About California Resources

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.