California Resources Corporation $CRC Shares Sold by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP cut its stake in shares of California Resources Corporation (NYSE:CRC) by 10.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,196,577 shares of the oil and gas producer’s stock after selling 370,858 shares during the quarter. Dimensional Fund Advisors LP’s holdings in California Resources were worth $140,553,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new position in California Resources in the first quarter valued at about $28,254,000. Palo Duro Investment Partners LP acquired a new stake in shares of California Resources in the 4th quarter worth approximately $20,752,000. Balyasny Asset Management L.P. grew its holdings in shares of California Resources by 285.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer’s stock worth $16,532,000 after acquiring an additional 235,955 shares during the period. Millennium Management LLC increased its stake in California Resources by 1,679.8% in the 4th quarter. Millennium Management LLC now owns 190,443 shares of the oil and gas producer’s stock valued at $9,882,000 after purchasing an additional 179,743 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in California Resources by 56.3% during the fourth quarter. Nuveen Asset Management LLC now owns 429,526 shares of the oil and gas producer’s stock worth $22,288,000 after purchasing an additional 154,804 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Trading Up 0.7%

California Resources stock opened at $47.6960 on Thursday. The stock has a 50-day moving average price of $47.61 and a 200 day moving average price of $43.79. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41. The stock has a market cap of $3.99 billion, a PE ratio of 6.52 and a beta of 1.16. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.19. The company had revenue of $978.00 million for the quarter, compared to analysts’ expectations of $820.93 million. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The firm’s revenue for the quarter was up 90.3% compared to the same quarter last year. During the same period last year, the company earned $0.60 EPS. Equities research analysts predict that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be issued a $0.3875 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 3.2%. California Resources’s payout ratio is 21.17%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. JPMorgan Chase & Co. raised California Resources from a “neutral” rating to an “overweight” rating and upped their target price for the company from $60.00 to $63.00 in a report on Tuesday, July 15th. UBS Group increased their price objective on shares of California Resources from $61.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday. Roth Capital restated a “buy” rating on shares of California Resources in a report on Saturday, July 19th. Truist Financial upgraded shares of California Resources to a “strong-buy” rating in a research report on Tuesday, May 6th. Finally, Citigroup upped their price target on shares of California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, California Resources presently has a consensus rating of “Buy” and an average target price of $63.00.

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.