Jacobs Levy Equity Management Inc. Sells 276,092 Shares of California Resources Co. (NYSE:CRC)

Jacobs Levy Equity Management Inc. cut its stake in California Resources Co. (NYSE:CRC) by 40.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 398,826 shares of the oil and gas producer’s stock after selling 276,092 shares during the period. Jacobs Levy Equity Management Inc. owned 0.58% of California Resources worth $21,975,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its holdings in shares of California Resources by 2.2% during the 1st quarter. Janus Henderson Group PLC now owns 287,468 shares of the oil and gas producer’s stock worth $15,839,000 after buying an additional 6,312 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of California Resources by 6.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 42,495 shares of the oil and gas producer’s stock worth $2,342,000 after buying an additional 2,475 shares in the last quarter. Hyperion Capital Advisors LP bought a new position in shares of California Resources during the 1st quarter worth approximately $275,000. Lazard Asset Management LLC boosted its holdings in shares of California Resources by 3.7% during the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after buying an additional 253 shares in the last quarter. Finally, Shell Asset Management Co. boosted its holdings in shares of California Resources by 99.8% during the 1st quarter. Shell Asset Management Co. now owns 6,311 shares of the oil and gas producer’s stock worth $348,000 after buying an additional 3,153 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

Insider Transactions at California Resources

In other news, Director Mark Allen Mcfarland sold 37,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the completion of the transaction, the director now owns 104,939 shares in the company, valued at approximately $5,047,565.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.03% of the stock is owned by corporate insiders.

California Resources Stock Performance

Shares of California Resources stock traded down $0.69 during trading hours on Tuesday, hitting $50.27. 554,432 shares of the company’s stock traded hands, compared to its average volume of 902,150. California Resources Co. has a 12-month low of $43.30 and a 12-month high of $58.44. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 0.87 and a beta of 0.98. The company has a fifty day simple moving average of $49.79 and a 200-day simple moving average of $51.59. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.29.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.17. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The firm had revenue of $454.00 million during the quarter, compared to analyst estimates of $490.21 million. During the same period last year, the firm posted $2.63 EPS. The business’s revenue was down 55.7% compared to the same quarter last year. Equities research analysts anticipate that California Resources Co. will post 4.99 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Friday, May 31st. California Resources’s dividend payout ratio is presently 35.53%.

Analyst Ratings Changes

A number of research firms have issued reports on CRC. Stifel Nicolaus increased their price target on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Mizuho increased their target price on California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Barclays assumed coverage on California Resources in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 target price on shares of California Resources in a report on Wednesday, June 12th. Finally, Citigroup initiated coverage on California Resources in a research report on Friday, July 19th. They issued a “buy” rating and a $63.00 price target for the company. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $62.71.

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.