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

Victory Capital Management Inc. trimmed its position in California Resources Co. (NYSE:CRC – Get Rating) by 2.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 209,606 shares of the oil and gas producer’s stock after selling 4,568 shares during the period. Victory Capital Management Inc. owned 0.29% of California Resources worth $9,095,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CRC. Dimensional Fund Advisors LP boosted its stake in California Resources by 14.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,446,219 shares of the oil and gas producer’s stock valued at $62,923,000 after acquiring an additional 182,307 shares during the period. Baker Ellis Asset Management LLC bought a new stake in California Resources during the fourth quarter worth approximately $213,000. Premier Fund Managers Ltd bought a new stake in California Resources during the fourth quarter worth approximately $4,988,000. Citigroup Inc. raised its holdings in California Resources by 14.6% during the fourth quarter. Citigroup Inc. now owns 109,041 shares of the oil and gas producer’s stock worth $4,744,000 after purchasing an additional 13,896 shares in the last quarter. Finally, LSV Asset Management bought a new stake in California Resources during the fourth quarter worth approximately $9,021,000.

California Resources Trading Down 1.2 %

NYSE CRC opened at $39.75 on Friday. California Resources Co. has a twelve month low of $34.02 and a twelve month high of $51.46. 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 price-to-earnings ratio of 3.01 and a beta of 1.05. The firm’s 50 day moving average price is $39.14 and its two-hundred day moving average price is $41.76.

California Resources (NYSE:CRC – Get Rating) last posted its quarterly earnings results on Monday, May 1st. The oil and gas producer reported $2.63 EPS for the quarter, beating the consensus estimate of $2.09 by $0.54. California Resources had a net margin of 27.95% and a return on equity of 26.53%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $746.35 million. Equities analysts anticipate that California Resources Co. will post 5.91 EPS for the current year.

California Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Thursday, June 1st will be issued a dividend of $0.282 per share. This represents a $1.13 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Wednesday, May 31st. California Resources’s dividend payout ratio is currently 8.57%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRC. Roth Capital reaffirmed a “buy” rating on shares of California Resources in a report on Saturday, February 4th. TheStreet cut California Resources from a “c” rating to a “d” rating in a report on Tuesday, May 2nd. Stifel Nicolaus dropped their price target on California Resources from $52.00 to $50.00 in a report on Friday, May 19th. Mizuho dropped their price target on California Resources from $54.00 to $52.00 in a report on Friday, May 19th. Finally, Bank of America raised California Resources from a “neutral” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a report on Friday, February 24th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and an average price target of $55.33.

California Resources 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.