Levin Capital Strategies L.P. Reduces Holdings in California Resources Co. (NYSE:CRC)

Levin Capital Strategies L.P. trimmed its stake in California Resources Co. (NYSE:CRC) by 7.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 186,239 shares of the oil and gas producer’s stock after selling 15,660 shares during the period. Levin Capital Strategies L.P.’s holdings in California Resources were worth $10,184,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. LSV Asset Management grew its position in shares of California Resources by 102.0% in the 3rd quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock valued at $164,850,000 after buying an additional 1,485,970 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of California Resources by 71.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock valued at $107,472,000 after buying an additional 821,827 shares during the last quarter. American Century Companies Inc. grew its position in California Resources by 13.2% during the 3rd quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock worth $51,820,000 after purchasing an additional 108,123 shares during the last quarter. Victory Capital Management Inc. grew its position in California Resources by 229.6% during the 4th quarter. Victory Capital Management Inc. now owns 885,906 shares of the oil and gas producer’s stock worth $48,441,000 after purchasing an additional 617,084 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in California Resources by 6.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 798,909 shares of the oil and gas producer’s stock worth $44,747,000 after purchasing an additional 51,683 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on CRC. Barclays began coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price objective on the stock. Stifel Nicolaus raised their price objective on shares of California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Bank of America downgraded shares of California Resources from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $64.00 to $60.00 in a research report on Friday, January 5th. Mizuho lowered their price objective on shares of California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and a consensus price target of $63.57.

California Resources Stock Performance

Shares of NYSE:CRC traded up $0.63 during midday trading on Thursday, hitting $51.72. The stock had a trading volume of 245,216 shares, compared to its average volume of 860,926. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. California Resources Co. has a 1 year low of $37.21 and a 1 year high of $58.44. The stock has a 50 day moving average price of $54.07 and a two-hundred day moving average price of $52.69. The company has a market capitalization of $3.56 billion, a PE ratio of 6.70 and a beta of 1.03.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). The firm had revenue of $726.00 million for the quarter, compared to analysts’ expectations of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.24 earnings per share. As a group, equities analysts predict that California Resources Co. will post 4.64 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were issued a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.40%. California Resources’s payout ratio is 16.06%.

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.