Russell Investments Group Ltd. Sells 115,720 Shares of California Resources Co. (NYSE:CRC)

Russell Investments Group Ltd. reduced its stake in shares of California Resources Co. (NYSE:CRC – Get Rating) by 72.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 43,461 shares of the oil and gas producer’s stock after selling 115,720 shares during the period. Russell Investments Group Ltd. owned about 0.06% of California Resources worth $1,891,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. SG Americas Securities LLC grew its position in shares of California Resources by 2.8% during the 4th quarter. SG Americas Securities LLC now owns 9,370 shares of the oil and gas producer’s stock valued at $408,000 after acquiring an additional 251 shares during the period. Assetmark Inc. grew its position in shares of California Resources by 41.0% during the 3rd quarter. Assetmark Inc. now owns 976 shares of the oil and gas producer’s stock valued at $38,000 after acquiring an additional 284 shares during the period. Sage Rhino Capital LLC grew its position in shares of California Resources by 1.4% during the 4th quarter. Sage Rhino Capital LLC now owns 24,081 shares of the oil and gas producer’s stock valued at $1,048,000 after acquiring an additional 331 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of California Resources by 1.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 33,662 shares of the oil and gas producer’s stock valued at $1,465,000 after acquiring an additional 376 shares during the period. Finally, Mraz Amerine & Associates Inc. grew its position in shares of California Resources by 1.9% during the 4th quarter. Mraz Amerine & Associates Inc. now owns 22,646 shares of the oil and gas producer’s stock valued at $985,000 after acquiring an additional 418 shares during the period.

Analysts Set New Price Targets

CRC has been the subject of several analyst reports. StockNews.com initiated coverage on shares of California Resources in a report on Thursday, May 18th. They issued a “hold” rating for the company. TheStreet downgraded shares of California Resources from a “c” rating to a “d” rating in a report on Tuesday, May 2nd. Citigroup cut their price objective on shares of California Resources from $62.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, February 15th. Mizuho cut their price objective on shares of California Resources from $54.00 to $52.00 in a report on Friday. Finally, Stifel Nicolaus cut their price objective on shares of California Resources from $52.00 to $50.00 in a report on Friday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.33.

California Resources Stock Performance

California Resources stock opened at $39.72 on Tuesday. The firm’s fifty day moving average price is $38.95 and its 200-day moving average price is $41.85. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.27 and a current ratio of 1.36. The stock has a market cap of $2.80 billion, a P/E ratio of 3.01 and a beta of 1.05. California Resources Co. has a fifty-two week low of $34.02 and a fifty-two week high of $51.46.

California Resources (NYSE:CRC – Get Rating) last posted its quarterly earnings data on Monday, May 1st. The oil and gas producer reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.54. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $746.35 million. California Resources had a net margin of 27.95% and a return on equity of 26.53%. On average, equities research analysts expect that California Resources Co. will post 5.64 earnings per share for the current fiscal year.

California Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 16th. Investors of record on Thursday, June 1st will be given a $0.282 dividend. This represents a $1.13 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Wednesday, May 31st. California Resources’s payout ratio is presently 8.57%.

California Resources Company Profile

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California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.