California Resources Co. (NYSE:CRC) Position Lowered by Hara Capital LLC

Hara Capital LLC decreased its position in shares of California Resources Co. (NYSE:CRC) by 24.6% during the 4th quarter, HoldingsChannel reports. The fund owned 114,074 shares of the oil and gas producer’s stock after selling 37,265 shares during the quarter. California Resources comprises approximately 3.7% of Hara Capital LLC’s portfolio, making the stock its 4th biggest holding. Hara Capital LLC’s holdings in California Resources were worth $5,919,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Entropy Technologies LP purchased a new position in California Resources in the fourth quarter worth approximately $841,000. Bank of New York Mellon Corp grew its holdings in shares of California Resources by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock worth $38,350,000 after purchasing an additional 14,240 shares during the period. Thrivent Financial for Lutherans grew its holdings in shares of California Resources by 1.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer’s stock worth $2,869,000 after purchasing an additional 649 shares during the period. Empowered Funds LLC increased its position in shares of California Resources by 84.3% during the 4th quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer’s stock worth $2,539,000 after purchasing an additional 22,383 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings 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 during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Trading Up 1.5%

NYSE:CRC opened at $42.71 on Wednesday. California Resources Co. has a 12-month low of $30.97 and a 12-month high of $60.41. The firm has a market cap of $3.81 billion, a PE ratio of 6.73, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a fifty day moving average price of $38.90 and a 200 day moving average price of $46.80.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $912.00 million for the quarter, compared to analyst estimates of $862.14 million. During the same quarter last year, the company earned $0.75 EPS. California Resources’s revenue for the quarter was up 100.9% compared to the same quarter last year. Sell-side analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.63%. California Resources’s dividend payout ratio (DPR) is 28.13%.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of recent analyst reports. Bank of America decreased their target price on shares of California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, April 29th. Barclays increased their price objective on shares of California Resources from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. UBS Group lifted their target price on shares of California Resources from $49.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Mizuho decreased their price target on California Resources from $64.00 to $60.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Finally, Royal Bank of Canada lowered their price target on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.36.

Insider Buying and Selling

In other news, Director James N. Chapman acquired 2,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $39.42 per share, with a total value of $78,840.00. Following the transaction, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.03% of the stock is owned by insiders.

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.