EMC Capital Management Sells 4,962 Shares of California Resources Co. (NYSE:CRC)

EMC Capital Management cut its position in California Resources Co. (NYSE:CRC) by 33.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,799 shares of the oil and gas producer’s stock after selling 4,962 shares during the quarter. EMC Capital Management’s holdings in California Resources were worth $508,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CRC. R Squared Ltd purchased a new stake in California Resources during the fourth quarter valued at about $31,000. GAMMA Investing LLC raised its position in shares of 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 during the period. Nisa Investment Advisors LLC lifted its stake in shares of California Resources by 71.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after buying an additional 454 shares in the last quarter. Point72 DIFC Ltd bought a new position in California Resources in the 3rd quarter worth approximately $70,000. Finally, Blue Trust Inc. grew its stake in California Resources by 518.4% in the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock valued at $88,000 after buying an additional 1,410 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Insider Buying and Selling at California Resources

In related news, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the sale, the executive vice president now owns 30,940 shares in the company, valued at $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares of the company’s stock, valued at $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

California Resources Trading Up 0.7 %

NYSE CRC opened at $51.34 on Thursday. The stock has a 50-day moving average of $53.91 and a 200-day moving average of $52.56. 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 Co. has a 1-year low of $43.09 and a 1-year high of $60.41. The firm has a market cap of $4.69 billion, a PE ratio of 8.10, a price-to-earnings-growth ratio of 1.09 and a beta of 1.05.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. During the same quarter in the previous year, the company posted $1.02 earnings per share. The business’s revenue was up 194.1% on a year-over-year basis. As a group, sell-side analysts forecast that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s dividend payout ratio (DPR) is presently 24.41%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. UBS Group initiated coverage on California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target for the company. Stephens assumed coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target on the stock. Jefferies Financial Group initiated coverage on shares of California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective for the company. TD Cowen upped their target price on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research note on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.25.

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.