Victory Capital Management Inc. Decreases Stake in California Resources Co. (NYSE:CRC)

Victory Capital Management Inc. lowered its stake in California Resources Co. (NYSE:CRC - Free Report) by 1.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,062,752 shares of the oil and gas producer's stock after selling 15,371 shares during the quarter. Victory Capital Management Inc. owned 1.57% of California Resources worth $55,763,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRC. Lazard Asset Management LLC boosted its stake in shares of California Resources by 3.7% during the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer's stock worth $390,000 after acquiring an additional 253 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer's stock valued at $169,000 after purchasing an additional 276 shares during the period. GAMMA Investing LLC raised its position in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer's stock valued at $51,000 after purchasing an additional 371 shares during the period. Louisiana State Employees Retirement System raised its position in shares of California Resources by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer's stock valued at $1,719,000 after purchasing an additional 400 shares during the period. Finally, Amalgamated Bank raised its position in shares of California Resources by 3.1% during the 3rd quarter. Amalgamated Bank now owns 20,406 shares of the oil and gas producer's stock valued at $1,071,000 after purchasing an additional 605 shares during the period. Hedge funds and other institutional investors own 97.79% of the company's stock.

Insiders Place Their Bets

In related news, CEO Francisco Leon sold 7,500 shares of the firm's stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares in the company, valued at approximately $8,181,437.26. This trade represents a 4.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Noelle M. Repetti sold 8,770 shares of the firm's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the sale, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. This represents a 50.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,270 shares of company stock valued at $1,387,778. Insiders own 0.03% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on CRC shares. Barclays raised their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a research report on Thursday, October 3rd. Stephens began coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an "overweight" rating and a $73.00 price target on the stock. Jefferies Financial Group began coverage on shares of California Resources in a research note on Thursday, October 24th. They issued a "buy" rating and a $64.00 price objective for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Finally, TD Cowen initiated coverage on shares of California Resources in a research note on Friday, August 2nd. They issued a "buy" rating and a $65.00 price objective for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $65.50.

California Resources Stock Down 2.8 %

Shares of CRC traded down $1.62 during mid-day trading on Friday, hitting $56.79. The company's stock had a trading volume of 235,606 shares, compared to its average volume of 850,087. The company's 50-day moving average is $52.70 and its 200-day moving average is $50.86. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $60.41. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 1.43 and a beta of 0.98. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $973.13 million. During the same quarter in the prior year, the company posted $1.02 earnings per share. California Resources's revenue for the quarter was up 194.1% compared to the same quarter last year. On average, equities research analysts forecast that California Resources Co. will post 3.42 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.3875 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.73%. California Resources's dividend payout ratio is currently 24.41%.

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.