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

Point72 Asset Management L.P. cut its holdings in shares of California Resources Co. (NYSE:CRC) by 15.0% during the 3rd quarter, Holdings Channel reports. The firm owned 716,348 shares of the oil and gas producer’s stock after selling 126,663 shares during the period. Point72 Asset Management L.P.’s holdings in California Resources were worth $37,587,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in CRC. GAMMA Investing LLC boosted its position in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 371 shares in the last quarter. KBC Group NV boosted its position in shares of California Resources by 29.1% during the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after acquiring an additional 431 shares in the last quarter. 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. Atria Investments Inc acquired a new stake in shares of California Resources during the 3rd quarter worth approximately $209,000. Finally, Privium Fund Management B.V. acquired a new stake in shares of California Resources during the 2nd quarter worth approximately $258,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Buying and Selling

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now directly 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 this hyperlink. 0.03% of the stock is owned by insiders.

California Resources Price Performance

Shares of NYSE CRC opened at $55.02 on Thursday. California Resources Co. has a twelve month low of $43.09 and a twelve month high of $60.41. The firm has a fifty day simple moving average of $54.63 and a 200 day simple moving average of $51.55. The company has a market capitalization of $3.73 billion, a PE ratio of 8.66, a P/E/G ratio of 1.42 and a beta of 1.01. 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 announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. During the same quarter last year, the firm earned $1.02 earnings per share. California Resources’s quarterly revenue was up 194.1% on a year-over-year basis. On average, sell-side analysts forecast that California Resources Co. will post 3.42 EPS for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources’s dividend payout ratio is presently 24.41%.

Wall Street Analyst Weigh In

CRC has been the topic of several analyst reports. Barclays increased their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Jefferies Financial Group started coverage on shares of California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price on the stock. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and raised their target price for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. TD Cowen raised their target price on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, UBS Group started coverage on shares of California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price on the stock. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $66.40.

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.