Hotchkis & Wiley Capital Management LLC Decreases Stake in California Resources Co. (NYSE:CRC)

Hotchkis & Wiley Capital Management LLC cut its position in California Resources Co. (NYSE:CRC) by 3.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 359,200 shares of the oil and gas producer’s stock after selling 11,400 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in California Resources were worth $18,847,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Farther Finance Advisors LLC boosted 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 worth $169,000 after acquiring an additional 276 shares in the last quarter. GAMMA Investing LLC boosted its holdings in California Resources by 61.5% in the third 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 in the last quarter. Louisiana State Employees Retirement System increased its stake in California Resources by 1.3% in the second 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 last quarter. KBC Group NV raised its holdings in 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 worth $100,000 after purchasing an additional 431 shares in the last quarter. Finally, Amalgamated Bank lifted 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 worth $1,071,000 after buying an additional 605 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Trading Down 0.0 %

Shares of California Resources stock opened at $57.34 on Wednesday. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 9.03, a price-to-earnings-growth ratio of 1.42 and a beta of 1.01. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $60.41. The company’s 50-day simple moving average is $54.56 and its 200-day simple moving average is $51.49. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.62. The company had revenue of $1.35 billion for 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%. The firm’s quarterly revenue was up 194.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 EPS. As a group, equities research analysts anticipate that California Resources Co. will post 3.42 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.70%. The ex-dividend date is Monday, December 2nd. California Resources’s payout ratio is 24.41%.

Insider Buying and Selling at California Resources

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now directly owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction that occurred 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 of the company’s stock, valued at approximately $8,181,437.26. The trade was a 4.31 % decrease in their ownership of the stock. 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. 0.63% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on CRC shares. UBS Group assumed coverage on shares of California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 price target on the stock. Barclays upped their target price on 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 assumed coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. Jefferies Financial Group assumed coverage on shares of California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target for the company. Finally, Citigroup raised their price objective on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Two 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 an average rating of “Moderate Buy” and an average price target of $66.40.

California Resources 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.