California Resources Co. (NYSE:CRC) Shares Sold by Kestrel Investment Management Corp

Kestrel Investment Management Corp trimmed its holdings in California Resources Co. (NYSE:CRC) by 16.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 139,300 shares of the oil and gas producer’s stock after selling 27,000 shares during the period. California Resources comprises about 5.2% of Kestrel Investment Management Corp’s investment portfolio, making the stock its 3rd largest holding. Kestrel Investment Management Corp’s holdings in California Resources were worth $7,617,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. acquired a new position in shares of California Resources in the first quarter valued at approximately $25,000. Sunbelt Securities Inc. acquired a new position in shares of California Resources in the first quarter valued at approximately $29,000. Headlands Technologies LLC acquired a new stake in California Resources during the third quarter worth approximately $45,000. Captrust Financial Advisors grew its position in California Resources by 69.1% during the second quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock worth $56,000 after buying an additional 594 shares in the last quarter. Finally, Amundi acquired a new stake in California Resources during the fourth quarter worth approximately $67,000. 97.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of analyst reports. Barclays initiated coverage on California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target on the stock. Mizuho reduced their price target on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $70.00 price target on shares of California Resources in a research report on Wednesday, March 6th. Stifel Nicolaus cut their target price on California Resources from $72.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Finally, Bank of America cut California Resources from a “buy” rating to a “neutral” rating and cut their target price for the stock from $64.00 to $60.00 in a research note on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.43.

California Resources Price Performance

Shares of CRC traded up $0.74 during trading hours on Friday, reaching $54.43. The stock had a trading volume of 340,485 shares, compared to its average volume of 915,072. California Resources Co. has a 12 month low of $37.21 and a 12 month high of $58.44. The stock has a market capitalization of $3.74 billion, a PE ratio of 7.05 and a beta of 1.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. The company’s 50-day moving average is $53.88 and its two-hundred day moving average is $52.69.

California Resources (NYSE:CRC) last announced 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). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The firm had revenue of $726.00 million during the quarter, compared to the consensus estimate of $553.47 million. During the same quarter in the previous year, the company posted $1.24 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. Research analysts expect that California Resources Co. will post 4.57 EPS for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s payout ratio is 16.06%.

About California Resources

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.