Geode Capital Management LLC Sells 56,883 Shares of California Resources Corporation $CRC

Geode Capital Management LLC decreased its position in shares of California Resources Corporation (NYSE:CRC) by 3.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,646,716 shares of the oil and gas producer’s stock after selling 56,883 shares during the period. Geode Capital Management LLC owned about 1.85% of California Resources worth $75,220,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new stake in California Resources during the second quarter worth $35,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of California Resources during the 1st quarter worth $79,000. Strs Ohio acquired a new stake in California Resources in the first quarter valued at about $106,000. EntryPoint Capital LLC acquired a new stake in California Resources in the first quarter valued at about $220,000. Finally, iA Global Asset Management Inc. grew its position in California Resources by 18.0% in the second quarter. iA Global Asset Management Inc. now owns 5,240 shares of the oil and gas producer’s stock valued at $239,000 after acquiring an additional 800 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRC has been the topic of a number of research analyst reports. Roth Capital set a $63.00 price target on shares of California Resources in a research note on Monday, September 15th. UBS Group dropped their price objective on shares of California Resources from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Mizuho set a $71.00 target price on shares of California Resources in a research note on Monday, September 15th. Zacks Research downgraded shares of California Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. Finally, Bank of America raised their price objective on California Resources from $60.00 to $66.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.27.

California Resources Stock Up 0.1%

Shares of NYSE:CRC opened at $46.18 on Friday. The business has a fifty day simple moving average of $50.14 and a 200 day simple moving average of $48.01. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $60.08. The firm has a market cap of $3.87 billion, a P/E ratio of 10.74 and a beta of 1.15. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.15. The company had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $888.58 million. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The business’s quarterly revenue was down 36.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.50 earnings per share. Analysts predict that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.405 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from California Resources’s previous quarterly dividend of $0.39. California Resources’s payout ratio is currently 36.05%.

About California Resources

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.