Point72 Asset Management L.P. Sells 126,663 Shares of California Resources Co. (NYSE:CRC)

Point72 Asset Management L.P. trimmed its stake in shares of California Resources Co. (NYSE:CRC - Free Report) by 15.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 716,348 shares of the oil and gas producer's stock after selling 126,663 shares during the quarter. Point72 Asset Management L.P. owned approximately 1.06% of California Resources worth $37,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Janus Henderson Group PLC grew its position in California Resources by 2.0% during the 3rd quarter. Janus Henderson Group PLC now owns 284,305 shares of the oil and gas producer's stock worth $14,917,000 after acquiring an additional 5,583 shares during the last quarter. Verition Fund Management LLC grew its position in California Resources by 85.3% during the 3rd quarter. Verition Fund Management LLC now owns 7,851 shares of the oil and gas producer's stock worth $412,000 after acquiring an additional 3,615 shares during the last quarter. Public Sector Pension Investment Board grew its position in California Resources by 4.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 147,611 shares of the oil and gas producer's stock worth $7,745,000 after acquiring an additional 6,400 shares during the last quarter. Townsquare Capital LLC grew its position in shares of California Resources by 94.1% in the 3rd quarter. Townsquare Capital LLC now owns 9,765 shares of the oil and gas producer's stock worth $512,000 after buying an additional 4,735 shares during the last quarter. Finally, Citigroup Inc. grew its position in shares of California Resources by 24.7% in the 3rd quarter. Citigroup Inc. now owns 113,038 shares of the oil and gas producer's stock worth $5,931,000 after buying an additional 22,405 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

Insider Activity at California Resources

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 transaction of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares of the company's stock, valued at approximately $916,953. The trade was a 36.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.03% of the stock is owned by company insiders.

California Resources Stock Performance

California Resources stock traded up $0.30 during mid-day trading on Thursday, reaching $55.32. 599,781 shares of the stock traded hands, compared to its average volume of 833,347. The stock has a market capitalization of $3.76 billion, a PE ratio of 8.66, a price-to-earnings-growth ratio of 1.42 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $60.41. The business's 50-day moving average is $54.70 and its 200-day moving average is $51.57.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. California Resources's revenue for the quarter was up 194.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.02 earnings per share. As a group, sell-side analysts predict that California Resources Co. will post 3.42 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Monday, December 2nd. California Resources's dividend payout ratio (DPR) is presently 24.41%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CRC shares. StockNews.com upgraded California Resources from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th. UBS Group started coverage on California Resources in a research report on Wednesday, October 16th. They issued a "buy" rating and a $68.00 price objective on the stock. Stephens started coverage on California Resources in a research report on Tuesday, October 22nd. They issued an "overweight" rating and a $73.00 price objective on the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $65.00 price objective on shares of California Resources in a research report on Monday, August 12th. Finally, TD Cowen lifted their price target on California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $66.40.

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.