California Resources Co. (NYSE:CRC) Stock Position Cut by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund reduced its holdings in California Resources Co. (NYSE:CRC) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,508 shares of the oil and gas producer’s stock after selling 982 shares during the quarter. Illinois Municipal Retirement Fund owned 0.06% of California Resources worth $2,160,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. LSV Asset Management increased its stake in shares of California Resources by 102.0% in the 3rd quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock valued at $164,850,000 after acquiring an additional 1,485,970 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of 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 acquiring an additional 821,827 shares during the period. American Century Companies Inc. increased its stake in California Resources by 13.2% in the third quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock valued at $51,820,000 after acquiring an additional 108,123 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in California Resources by 6.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 798,909 shares of the oil and gas producer’s stock worth $44,747,000 after purchasing an additional 51,683 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in California Resources by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 763,904 shares of the oil and gas producer’s stock valued at $42,786,000 after buying an additional 58,559 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Stock Up 0.6 %

California Resources stock opened at $55.26 on Friday. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 7.16 and a beta of 1.02. The firm has a 50 day simple moving average of $54.09 and a 200 day simple moving average of $52.74. California Resources Co. has a 1-year low of $37.21 and a 1-year 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.

California Resources (NYSE:CRC) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the company posted $1.24 EPS. On average, analysts predict that California Resources Co. will post 4.64 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s payout ratio is 16.06%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRC. Stifel Nicolaus increased their target price on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday. Mizuho cut their target price on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Barclays began coverage on shares of 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. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Finally, Bank of America downgraded California Resources from a “buy” rating to a “neutral” rating and cut their price target for the company from $64.00 to $60.00 in a research note on Friday, January 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.57.

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.