California Resources Co. (NYSE:CRC) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its holdings in shares of California Resources Co. (NYSE:CRC) by 1.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,062,752 shares of the oil and gas producer’s stock after selling 15,371 shares during the quarter. Victory Capital Management Inc. owned about 1.57% of California Resources worth $55,763,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. increased its position in shares of California Resources by 2,615.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock worth $44,865,000 after purchasing an additional 811,963 shares during the last quarter. Samlyn Capital LLC acquired a new stake in California Resources in the 2nd quarter valued at approximately $28,566,000. Vanguard Group Inc. increased its stake in California Resources by 4.4% during the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after purchasing an additional 344,043 shares during the period. American Century Companies Inc. increased its position in shares of California Resources by 18.1% in the 2nd quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after purchasing an additional 250,367 shares during the last quarter. Finally, SIR Capital Management L.P. purchased a new stake in California Resources during the second quarter worth approximately $11,820,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Insider Activity

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. This represents a 36.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Francisco Leon sold 7,500 shares of the business’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 sale, the chief executive officer now owns 166,357 shares in the company, valued at $8,181,437.26. The trade was a 4.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,270 shares of company stock valued at $1,387,778 in the last three months. 0.03% of the stock is currently owned by company insiders.

California Resources Price Performance

California Resources stock opened at $58.40 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The business has a 50 day simple moving average of $52.70 and a 200-day simple moving average of $50.86. California Resources Co. has a 12 month low of $43.09 and a 12 month high of $60.41. The stock has a market capitalization of $3.96 billion, a PE ratio of 9.20, a price-to-earnings-growth ratio of 1.45 and a beta of 0.98.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. During the same quarter last year, the business earned $1.02 EPS. The business’s revenue was up 194.1% on a year-over-year basis. Equities analysts predict that California Resources Co. will post 3.42 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources’s payout ratio is 24.41%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Barclays lifted their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. StockNews.com downgraded shares of California Resources from a “hold” rating to a “sell” rating in a research note on Friday, November 8th. Stephens started coverage on California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price for the company. Finally, UBS Group initiated coverage on California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average target price of $65.50.

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.