Raymond James & Associates Sells 1,895 Shares of California Resources Co. (NYSE:CRC)

Raymond James & Associates decreased its holdings in shares of California Resources Co. (NYSE:CRC) by 27.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,043 shares of the oil and gas producer’s stock after selling 1,895 shares during the quarter. Raymond James & Associates’ holdings in California Resources were worth $276,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CRC. LSV Asset Management grew its stake in California Resources by 102.0% in 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 buying an additional 1,485,970 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its position in California Resources by 114.9% in the third 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 acquiring an additional 282,407 shares in the last quarter. American Century Companies Inc. increased its stake in California Resources by 13.2% in the third quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock valued at $51,820,000 after acquiring an additional 108,123 shares during the last quarter. Invesco Ltd. raised its position in California Resources by 16.5% during the third quarter. Invesco Ltd. now owns 696,923 shares of the oil and gas producer’s stock valued at $39,035,000 after purchasing an additional 98,595 shares in the last quarter. Finally, South Street Advisors LLC lifted its stake in California Resources by 307.3% during the third quarter. South Street Advisors LLC now owns 79,717 shares of the oil and gas producer’s stock worth $4,500,000 after purchasing an additional 60,147 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Mizuho decreased their price objective on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Stifel Nicolaus upped their price objective on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Barclays began coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price target for the company. Finally, Bank of America cut California Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $64.00 to $60.00 in a research note on Friday, January 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $63.57.

California Resources Price Performance

Shares of California Resources stock opened at $55.54 on Tuesday. The company’s fifty day simple moving average is $54.15 and its two-hundred day simple moving average is $52.72. California Resources Co. has a 12-month low of $37.21 and a 12-month high of $58.44. The firm has a market cap of $3.82 billion, a PE ratio of 7.19 and a beta of 1.02. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.08). The business had revenue of $726.00 million during the quarter, compared to the consensus estimate of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.24 earnings per share. As a group, equities analysts expect that California Resources Co. will post 4.64 EPS for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 18th. Investors 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 dividend on an annualized basis and a dividend yield of 2.23%. California Resources’s dividend payout ratio is presently 16.06%.

California Resources Company 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.