Levin Capital Strategies L.P. Sells 15,660 Shares of California Resources Co. (NYSE:CRC)

Levin Capital Strategies L.P. lessened its stake in shares of California Resources Co. (NYSE:CRC) by 7.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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. owned 0.27% of California Resources worth $10,184,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CRC. Headlands Technologies LLC bought a new position in shares of California Resources during the 3rd quarter valued at about $45,000. PNC Financial Services Group Inc. grew its position in California Resources by 56.5% in the third quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock worth $134,000 after acquiring an additional 865 shares in the last quarter. Assetmark Inc. grew its position in California Resources by 16.3% in the third quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock worth $141,000 after acquiring an additional 353 shares in the last quarter. iA Global Asset Management Inc. purchased a new position in California Resources in the third quarter worth about $211,000. Finally, Profund Advisors LLC purchased a new position in California Resources in the third quarter worth about $213,000. Institutional investors own 97.79% of the company’s stock.

California Resources Stock Up 1.2 %

CRC stock traded up $0.63 during trading on Thursday, hitting $51.72. 245,216 shares of the company’s stock traded hands, compared to its average volume of 860,926. The firm has a market capitalization of $3.56 billion, a P/E ratio of 6.70 and a beta of 1.03. The business has a fifty day simple moving average of $54.07 and a two-hundred day simple moving average of $52.69. The company has a quick ratio of 1.39, a current ratio of 1.51 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.

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

California Resources Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Stifel Nicolaus lifted their price target on 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 lowered California Resources from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $64.00 to $60.00 in a research report on Friday, January 5th. Mizuho decreased their price objective on shares of California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Wednesday, March 6th. Finally, Barclays initiated coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective for the company. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $63.57.

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.