Mackenzie Financial Corp Reduces Stock Position in California Resources Co. (NYSE:CRC)

Mackenzie Financial Corp lessened its stake in shares of California Resources Co. (NYSE:CRC) by 55.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,769 shares of the oil and gas producer’s stock after selling 17,072 shares during the quarter. Mackenzie Financial Corp’s holdings in California Resources were worth $753,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRC. LSV Asset Management increased its position in California Resources by 102.0% during the 3rd quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock worth $164,850,000 after purchasing an additional 1,485,970 shares in the last quarter. Pacer Advisors Inc. boosted its stake in California Resources by 71.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock worth $107,472,000 after buying an additional 821,827 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in California Resources by 114.9% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 528,254 shares of the oil and gas producer’s stock worth $29,588,000 after buying an additional 282,407 shares during the last quarter. DAVENPORT & Co LLC boosted its stake in California Resources by 179.8% in the 4th quarter. DAVENPORT & Co LLC now owns 420,946 shares of the oil and gas producer’s stock worth $23,127,000 after buying an additional 270,508 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in California Resources by 13.2% in the 3rd quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock worth $51,820,000 after buying an additional 108,123 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Performance

California Resources stock opened at $55.26 on Friday. The stock’s 50 day moving average price is $54.09 and its 200 day moving average price is $52.74. The firm has a market capitalization of $3.80 billion, a PE ratio of 7.16 and a beta of 1.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. California Resources Co. has a one year low of $37.21 and a one year high of $58.44.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.08). The company had revenue of $726.00 million for the quarter, compared to analyst estimates of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm posted $1.24 earnings per share. As a group, sell-side analysts expect that California Resources Co. will post 4.57 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were issued a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a yield of 2.24%. California Resources’s dividend payout ratio is presently 16.06%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRC. Stifel Nicolaus raised their price target on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday. Mizuho decreased their price target on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Bank of America lowered California Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $64.00 to $60.00 in a research note on Friday, January 5th. Barclays assumed coverage on California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $63.57.

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.