Farther Finance Advisors LLC Sells 1,195 Shares of California Resources Corporation $CRC

Farther Finance Advisors LLC lowered its holdings in California Resources Corporation (NYSE:CRC) by 60.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 771 shares of the oil and gas producer’s stock after selling 1,195 shares during the quarter. Farther Finance Advisors LLC’s holdings in California Resources were worth $35,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. increased its position in California Resources by 10.7% in the first quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock worth $113,274,000 after buying an additional 248,448 shares in the last quarter. Orbis Allan Gray Ltd grew its position in shares of California Resources by 3.0% during the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock worth $52,713,000 after purchasing an additional 34,593 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of California Resources by 4.4% during the first quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer’s stock worth $46,780,000 after purchasing an additional 44,938 shares in the last quarter. Private Management Group Inc. grew its position in shares of California Resources by 11.5% during the first quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer’s stock worth $39,085,000 after purchasing an additional 91,737 shares in the last quarter. Finally, DAVENPORT & Co LLC grew its position in shares of California Resources by 7.7% during the first quarter. DAVENPORT & Co LLC now owns 788,286 shares of the oil and gas producer’s stock worth $34,552,000 after purchasing an additional 56,574 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Stock Up 2.8%

NYSE:CRC opened at $53.61 on Wednesday. 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 $4.49 billion, a PE ratio of 7.32 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. The company has a 50-day moving average of $51.10 and a 200 day moving average of $45.54.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.19. The firm had revenue of $978.00 million during the quarter, compared to analysts’ expectations of $820.93 million. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The firm’s quarterly revenue was up 90.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.60 EPS. As a group, research analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Wednesday, August 27th. California Resources’s dividend payout ratio is 21.17%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CRC. Zacks Research upgraded California Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, September 15th. Jefferies Financial Group set a $71.00 price objective on California Resources and gave the company a “buy” rating in a report on Sunday, September 21st. Mizuho set a $71.00 price objective on California Resources in a report on Monday, September 15th. UBS Group boosted their price objective on California Resources from $63.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Finally, Citigroup boosted their price objective on California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, California Resources presently has a consensus rating of “Buy” and a consensus target price of $66.58.

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.