Jacobs Levy Equity Management Inc. Sells 145,667 Shares of California Resources Co. (NYSE:CRC)

Jacobs Levy Equity Management Inc. trimmed its stake in California Resources Co. (NYSE:CRC - Free Report) by 67.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 69,267 shares of the oil and gas producer's stock after selling 145,667 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.10% of California Resources worth $3,634,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CRC. GAMMA Investing LLC increased its position in California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer's stock valued at $51,000 after acquiring an additional 371 shares during the period. KBC Group NV increased its holdings in shares of California Resources by 29.1% during the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer's stock valued at $100,000 after purchasing an additional 431 shares during the period. Farther Finance Advisors LLC raised its stake in shares of California Resources by 9.4% during the third 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 in the last quarter. Atria Investments Inc acquired a new stake in California Resources in the third quarter worth about $209,000. Finally, Privium Fund Management B.V. bought a new position in California Resources in the 2nd quarter valued at about $258,000. Institutional investors and hedge funds own 97.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Jefferies Financial Group began coverage on shares of California Resources in a report on Thursday, October 24th. They issued a "buy" rating and a $64.00 price objective for the company. Royal Bank of Canada reiterated an "outperform" rating and set a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. Barclays upped their price objective on California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a report on Thursday, October 3rd. Bank of America raised California Resources from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, StockNews.com raised shares of California Resources from a "sell" rating to a "hold" rating in a report on Saturday, November 16th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $66.40.

California Resources Trading Down 3.1 %

Shares of CRC stock traded down $1.72 during trading hours on Friday, reaching $53.60. 534,747 shares of the stock traded hands, compared to its average volume of 566,962. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $3.64 billion, a PE ratio of 8.44, a PEG ratio of 1.36 and a beta of 1.01. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $60.41. The business has a fifty day moving average price of $54.86 and a 200 day moving average price of $51.63.

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

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.89%. California Resources's dividend payout ratio (DPR) is presently 24.41%.

Insider Activity

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the business's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the transaction, the vice president now owns 17,301 shares in the company, valued at $916,953. The trade was a 36.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.03% of the stock is owned by corporate insiders.

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.