Arizona State Retirement System Has $791,000 Holdings in California Resources Co. (NYSE:CRC)

Arizona State Retirement System lessened its holdings in shares of California Resources Co. (NYSE:CRC) by 4.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,459 shares of the oil and gas producer’s stock after selling 606 shares during the quarter. Arizona State Retirement System’s holdings in California Resources were worth $791,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CRC. LSV Asset Management raised its stake in California Resources by 102.0% during the 3rd quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock worth $164,850,000 after buying an additional 1,485,970 shares during the period. Pacer Advisors Inc. raised its stake in California Resources by 71.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock worth $107,472,000 after buying an additional 821,827 shares during the period. State Street Corp raised its stake in California Resources by 31.4% during the 2nd quarter. State Street Corp now owns 3,391,414 shares of the oil and gas producer’s stock worth $153,597,000 after buying an additional 811,120 shares during the period. Dimensional Fund Advisors LP raised its stake in California Resources by 54.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,237,981 shares of the oil and gas producer’s stock worth $86,161,000 after buying an additional 791,762 shares during the period. Finally, Renaissance Technologies LLC raised its stake in California Resources by 292.4% during the 1st quarter. Renaissance Technologies LLC now owns 853,136 shares of the oil and gas producer’s stock worth $38,161,000 after buying an additional 635,700 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Price Performance

NYSE:CRC opened at $53.81 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. The stock’s 50-day simple moving average is $53.88 and its 200 day simple moving average is $52.68. The company has a market cap of $3.70 billion, a P/E ratio of 6.97 and a beta of 1.02. California Resources Co. has a 52-week low of $37.21 and a 52-week high of $58.44.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). The company had revenue of $726.00 million during the quarter, compared to analyst estimates of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. California Resources’s revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.24 EPS. As a group, sell-side analysts forecast that California Resources Co. will post 4.57 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Tuesday, March 5th. California Resources’s payout ratio is currently 16.06%.

Analyst Upgrades and Downgrades

CRC has been the topic of several recent research reports. Barclays initiated coverage on California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price target on the stock. Mizuho dropped their price target on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Stifel Nicolaus dropped their price target on California Resources from $72.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Bank of America downgraded California Resources from a “buy” rating to a “neutral” rating and dropped their price target for the company from $64.00 to $60.00 in a research note on Friday, January 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.43.

California Resources Company 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.