California Resources Co. (NYSE:CRC) Shares Sold by Levin Capital Strategies L.P.

Levin Capital Strategies L.P. lessened its stake in California Resources Co. (NYSE:CRC) by 5.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 43,528 shares of the oil and gas producer’s stock after selling 2,642 shares during the quarter. Levin Capital Strategies L.P. owned approximately 0.06% of California Resources worth $2,317,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. TFO Wealth Partners LLC raised its stake in California Resources by 67,800.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after buying an additional 1,356 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in California Resources by 92.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock worth $82,000 after purchasing an additional 722 shares during the last quarter. Privium Fund Management B.V. acquired a new position in California Resources in the second quarter worth $258,000. Hyperion Capital Advisors LP acquired a new position in California Resources in the first quarter worth $275,000. Finally, AlphaMark Advisors LLC bought a new position in shares of California Resources in the 2nd quarter worth about $320,000. Institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Mizuho boosted their price objective on shares of California Resources from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Barclays dropped their price target on California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Citigroup boosted their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and raised their target price for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada restated an “outperform” rating and set a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Insider Activity at California Resources

In other California Resources news, Director Christian S. Kendall purchased 20,895 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the transaction, the director now owns 24,600 shares in the company, valued at $1,180,062. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christian S. Kendall acquired 20,895 shares of California Resources stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now owns 24,600 shares in the company, valued at approximately $1,180,062. The disclosure for this purchase can be found here. Company insiders own 0.03% of the company’s stock.

California Resources Stock Performance

CRC stock opened at $47.69 on Tuesday. The company has a market capitalization of $3.24 billion, a P/E ratio of 13.66, a PEG ratio of 1.18 and a beta of 0.98. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. The company has a 50-day simple moving average of $50.41 and a 200 day simple moving average of $51.23. California Resources Co. has a fifty-two week low of $43.09 and a fifty-two week high of $58.44.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). The company had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The company’s revenue was down 13.0% on a year-over-year basis. During the same quarter last year, the business earned $0.53 earnings per share. Sell-side analysts predict that California Resources Co. will post 3.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a $0.3875 dividend. This is a positive change from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.25%. California Resources’s dividend payout ratio is 44.41%.

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.