SIR Capital Management L.P. Cuts Position in California Resources Co. (NYSE:CRC)

SIR Capital Management L.P. lowered its holdings in California Resources Co. (NYSE:CRC) by 32.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 139,509 shares of the oil and gas producer’s stock after selling 66,077 shares during the quarter. SIR Capital Management L.P.’s holdings in California Resources were worth $7,239,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in CRC. Yousif Capital Management LLC lifted its stake in shares of California Resources by 0.7% in the fourth quarter. Yousif Capital Management LLC now owns 26,924 shares of the oil and gas producer’s stock valued at $1,397,000 after purchasing an additional 196 shares during the period. Arizona State Retirement System increased its holdings in California Resources by 1.2% in the fourth quarter. Arizona State Retirement System now owns 18,199 shares of the oil and gas producer’s stock valued at $944,000 after buying an additional 222 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of California Resources by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer’s stock valued at $374,000 after acquiring an additional 228 shares during the period. Mutual of America Capital Management LLC boosted its stake in shares of California Resources by 3.5% during the 4th quarter. Mutual of America Capital Management LLC now owns 10,835 shares of the oil and gas producer’s stock worth $562,000 after acquiring an additional 371 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its holdings in shares of California Resources by 5.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,929 shares of the oil and gas producer’s stock worth $360,000 after acquiring an additional 372 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Price Performance

California Resources stock opened at $43.06 on Friday. The stock has a market capitalization of $3.84 billion, a P/E ratio of 6.78, a P/E/G ratio of 1.02 and a beta of 1.06. California Resources Co. has a 12-month low of $30.97 and a 12-month high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The firm’s 50-day moving average is $39.02 and its two-hundred day moving average is $47.47.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million for the quarter, compared to the consensus estimate of $862.14 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company’s quarterly revenue was up 100.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.75 earnings per share. Equities analysts predict that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Friday, May 30th. California Resources’s dividend payout ratio is presently 28.13%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. UBS Group lifted their price objective on California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Citigroup cut California Resources from a “buy” rating to a “neutral” rating and dropped their price target for the company from $62.00 to $36.00 in a research report on Monday, April 7th. Barclays boosted their price objective on shares of California Resources from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. StockNews.com upgraded shares of California Resources from a “hold” rating to a “buy” rating in a report on Monday. Finally, Bank of America cut their target price on shares of California Resources from $64.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and a consensus target price of $59.64.

Insider Transactions at California Resources

In other California Resources news, Director James N. Chapman bought 2,000 shares of California Resources stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the transaction, the director now owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This represents a 4.83% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.03% of the company’s stock.

California Resources 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.