DAVENPORT & Co LLC Trims Holdings in California Resources Corporation $CRC

DAVENPORT & Co LLC decreased its position in shares of California Resources Corporation (NYSE:CRC) by 24.1% during the second quarter, Holdings Channel.com reports. The fund owned 220,916 shares of the oil and gas producer’s stock after selling 70,015 shares during the quarter. DAVENPORT & Co LLC’s holdings in California Resources were worth $11,621,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in CRC. Rockefeller Capital Management L.P. boosted its position in shares of California Resources by 363.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 440 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in shares of California Resources during the 4th quarter valued at $26,000. Pinnacle Holdings LLC bought a new stake in shares of California Resources during the 4th quarter valued at $27,000. Valued Wealth Advisors LLC purchased a new position in shares of California Resources during the 1st quarter valued at $29,000. Finally, EMC Capital Management purchased a new position in shares of California Resources during the 4th quarter valued at $42,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Jay A. Bys sold 11,907 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president directly owned 147,517 shares in the company, valued at $7,965,918. This trade represents a 7.47% decrease in their ownership of the stock. The sale 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. In the last 90 days, insiders sold 35,721 shares of company stock worth $2,020,380. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

CRC has been the subject of several recent analyst reports. Zacks Research downgraded shares of California Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Mizuho boosted their price objective on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Barclays reaffirmed an “overweight” rating and issued a $77.00 price objective (down from $80.00) on shares of California Resources in a research note on Tuesday. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday. Finally, Citigroup decreased their target price on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, California Resources presently has a consensus rating of “Moderate Buy” and an average target price of $72.55.

California Resources Trading Down 1.1%

CRC opened at $53.53 on Thursday. The stock has a 50-day moving average of $53.70 and a 200 day moving average of $58.73. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. California Resources Corporation has a 12 month low of $43.24 and a 12 month high of $71.98. The firm has a market cap of $4.75 billion, a P/E ratio of -39.36 and a beta of 0.93.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.87%. The company’s revenue for the quarter was up 33.0% on a year-over-year basis. During the same quarter last year, the company earned $1.10 earnings per share. As a group, research analysts forecast that California Resources Corporation will post 4.02 EPS for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, September 4th. California Resources’s dividend payout ratio is presently -119.12%.

Key Stories Impacting California Resources

Here are the key news stories impacting California Resources this week:

• Positive Sentiment: UBS lowered its price target to $67 from $70 but maintained a Buy rating, implying approximately 25% upside from the referenced share price. The revised target remains supportive of CRC’s valuation despite more cautious estimates. Benzinga
• Positive Sentiment: Recent earnings-call coverage emphasized efficiency improvements, strategic midstream expansion and progress on carbon-capture and storage initiatives. These efforts could strengthen cash flow and diversify CRC beyond upstream oil and gas production. California Resources Corp Earnings Call Highlights Efficiency
• Positive Sentiment: CRC agreed to acquire a California oil-pipeline platform from Crimson Midstream for $63 million. The deal could expand the company’s midstream footprint, improve integration and create additional fee-based revenue opportunities. CRC to acquire Crimson Midstream’s California pipeline platform
• Neutral Sentiment: Executive Vice President Jay A. Bys sold 11,907 shares for about $643,000, reducing his position by 7.47%. Because the transaction was conducted under a pre-arranged Rule 10b5-1 plan, it may carry less negative signaling value than a discretionary insider sale. SEC Form 4 filing
• Negative Sentiment: CRC reported adjusted earnings of $0.99 per share, below the $1.36 consensus estimate. Revenue rose 33% year over year to $1.30 billion and exceeded forecasts, but the earnings shortfall remains a near-term overhang.
• Negative Sentiment: Analyst commentary noted that hedging contracts are reducing CRC’s ability to benefit from higher realized oil prices, limiting earnings power even as strategic initiatives advance. California Resources: Executing On Strategic Priorities But Hedges Sap Away Earnings Power

California Resources 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.