Renaissance Technologies LLC Lowers Stock Holdings in California Resources Corporation $CRC

Renaissance Technologies LLC reduced its holdings in California Resources Corporation (NYSE:CRC) by 57.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 187,169 shares of the oil and gas producer’s stock after selling 252,406 shares during the quarter. Renaissance Technologies LLC’s holdings in California Resources were worth $12,956,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership acquired a new stake in California Resources in the 1st quarter worth about $62,698,000. Sei Investments Co. increased its stake in shares of California Resources by 45.0% during the 1st quarter. Sei Investments Co. now owns 157,798 shares of the oil and gas producer’s stock valued at $10,923,000 after acquiring an additional 48,997 shares during the last quarter. Impala Asset Management LLC acquired a new position in shares of California Resources during the 1st quarter valued at about $1,730,000. First Trust Advisors LP lifted its holdings in shares of California Resources by 15.3% during the 1st quarter. First Trust Advisors LP now owns 238,476 shares of the oil and gas producer’s stock worth $16,507,000 after acquiring an additional 31,576 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of California Resources by 8.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock worth $281,000 after acquiring an additional 327 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president directly owned 159,424 shares in the company, valued at $8,608,896. The trade was a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by company insiders.

California Resources Stock Performance

California Resources stock opened at $52.54 on Friday. The stock’s 50-day moving average is $55.04 and its 200-day moving average is $58.37. The company has a market cap of $4.66 billion, a price-to-earnings ratio of -10.10 and a beta of 0.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. California Resources Corporation has a 12 month low of $43.24 and a 12 month high of $71.98.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, meeting the consensus estimate of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The business had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. During the same period in the previous year, the company posted $1.07 EPS. The company’s revenue was down 87.0% compared to the same quarter last year. Equities analysts anticipate that California Resources Corporation will post 4.02 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, May 29th were given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Friday, May 29th. California Resources’s payout ratio is -31.15%.

Analyst Upgrades and Downgrades

CRC has been the topic of several research analyst reports. Weiss Ratings cut shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 14th. Citigroup dropped their price target on shares of California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Zacks Research downgraded shares of California Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Finally, Barclays boosted their price objective on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.09.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.