Maryland State Retirement & Pension System Sells 434 Shares of California Resources Co. (NYSE:CRC)

Maryland State Retirement & Pension System trimmed its stake in shares of California Resources Co. (NYSE:CRC) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,443 shares of the oil and gas producer’s stock after selling 434 shares during the quarter. Maryland State Retirement & Pension System’s holdings in California Resources were worth $1,282,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in shares of California Resources during the 3rd quarter valued at $45,000. PNC Financial Services Group Inc. increased its stake in California Resources by 56.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock worth $134,000 after acquiring an additional 865 shares during the last quarter. Assetmark Inc. increased its stake in California Resources by 16.3% in the 3rd quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock worth $141,000 after acquiring an additional 353 shares during the last quarter. iA Global Asset Management Inc. bought a new position in California Resources in the 3rd quarter worth about $211,000. Finally, Profund Advisors LLC bought a new position in California Resources in the 3rd quarter worth about $213,000. 97.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CRC shares. Stifel Nicolaus upped their target price on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Mizuho decreased their target price 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. Barclays started coverage on California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 target price on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price 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 given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $63.57.

California Resources Price Performance

CRC opened at $50.09 on Thursday. The stock has a 50-day moving average price of $53.83 and a 200-day moving average price of $52.58. California Resources Co. has a 12-month low of $37.21 and a 12-month high of $58.44. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $3.44 billion, a P/E ratio of 6.49 and a beta of 1.03.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.17. The firm had revenue of $454.00 million during the quarter, compared to analysts’ expectations of $490.21 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The company’s revenue for the quarter was down 55.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.63 EPS. Equities analysts predict that California Resources Co. will post 4.64 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 2.48%. The ex-dividend date was Tuesday, March 5th. California Resources’s dividend payout ratio is presently 16.06%.

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.