Mackenzie Financial Corp Has $753,000 Stock Position in California Resources Co. (NYSE:CRC)

Mackenzie Financial Corp trimmed its holdings in shares of California Resources Co. (NYSE:CRC) by 55.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 13,769 shares of the oil and gas producer’s stock after selling 17,072 shares during the period. Mackenzie Financial Corp’s holdings in California Resources were worth $753,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. DAVENPORT & Co LLC increased its position in California Resources by 179.8% in the 4th quarter. DAVENPORT & Co LLC now owns 420,946 shares of the oil and gas producer’s stock worth $23,127,000 after purchasing an additional 270,508 shares during the last quarter. Cambria Investment Management L.P. increased its position in California Resources by 8.5% in the 3rd quarter. Cambria Investment Management L.P. now owns 167,856 shares of the oil and gas producer’s stock worth $9,402,000 after purchasing an additional 13,104 shares during the last quarter. Wellington Management Group LLP acquired a new position in California Resources in the 3rd quarter worth about $1,824,000. Lazard Asset Management LLC increased its position in California Resources by 38.1% in the 3rd quarter. Lazard Asset Management LLC now owns 10,616 shares of the oil and gas producer’s stock worth $594,000 after purchasing an additional 2,931 shares during the last quarter. Finally, Xponance Inc. acquired a new position in California Resources in the 3rd quarter worth about $241,000. 97.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRC has been the topic of several research reports. Mizuho dropped their target price on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Bank of America downgraded California Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $64.00 to $60.00 in a research note on Friday, January 5th. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Stifel Nicolaus upped their price target on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Barclays initiated coverage on California Resources in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target for the company. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and a consensus price target of $63.57.

California Resources Price Performance

Shares of NYSE:CRC opened at $55.26 on Friday. The business has a 50 day moving average price of $54.09 and a 200 day moving average price of $52.74. California Resources Co. has a twelve month low of $37.21 and a twelve month high of $58.44. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 7.16 and a beta of 1.02. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.08). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The business had revenue of $726.00 million for the quarter, compared to the consensus estimate of $553.47 million. During the same quarter in the previous year, the company earned $1.24 EPS. California Resources’s revenue for the quarter was up 6.5% compared to the same quarter last year. Research analysts predict that California Resources Co. will post 4.57 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were paid a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a yield of 2.24%. California Resources’s payout ratio is 16.06%.

California Resources 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.