State of Wyoming Cuts Stock Holdings in California Resources Corporation $CRC

State of Wyoming trimmed its position in shares of California Resources Corporation (NYSE:CRC) by 57.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,075 shares of the oil and gas producer’s stock after selling 1,449 shares during the quarter. State of Wyoming’s holdings in California Resources were worth $47,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. SummerHaven Investment Management LLC boosted its holdings in California Resources by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer’s stock worth $674,000 after acquiring an additional 293 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in California Resources by 1.4% during the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer’s stock worth $967,000 after acquiring an additional 300 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after acquiring an additional 316 shares during the last quarter. Xponance Inc. boosted its holdings in California Resources by 7.6% during the 1st quarter. Xponance Inc. now owns 5,304 shares of the oil and gas producer’s stock worth $233,000 after acquiring an additional 375 shares during the last quarter. Finally, Yousif Capital Management LLC boosted its holdings in California Resources by 1.5% during the 1st quarter. Yousif Capital Management LLC now owns 27,331 shares of the oil and gas producer’s stock worth $1,202,000 after acquiring an additional 407 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Price Performance

CRC opened at $51.06 on Wednesday. The stock has a 50-day moving average price of $48.62 and a 200-day moving average price of $43.95. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68. The firm has a market cap of $4.27 billion, a PE ratio of 6.98 and a beta of 1.16. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $60.41.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.19. The firm had revenue of $978.00 million during the quarter, compared to analyst estimates of $820.93 million. California Resources had a return on equity of 11.95% and a net margin of 16.14%.California Resources’s quarterly revenue was up 90.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 EPS. Sell-side analysts predict that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th will be given a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, August 27th. California Resources’s payout ratio is currently 21.17%.

Analyst Ratings Changes

CRC has been the topic of a number of research analyst reports. Barclays raised shares of California Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $50.00 to $60.00 in a report on Friday, May 30th. Citigroup upped their price target on California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Bank of America boosted their price objective on California Resources from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Sunday, June 29th. Finally, Roth Capital reissued a “buy” rating on shares of California Resources in a research note on Saturday, July 19th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $63.91.

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.