Pacer Advisors Inc. Has $22.82 Million Position in California Resources Corporation $CRC

Pacer Advisors Inc. cut its position in shares of California Resources Corporation (NYSE:CRC) by 20.4% during the 3rd quarter, Holdings Channel reports. The firm owned 429,162 shares of the oil and gas producer’s stock after selling 109,792 shares during the quarter. Pacer Advisors Inc.’s holdings in California Resources were worth $22,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of CRC. American Century Companies Inc. lifted its stake in California Resources by 10.5% in the 2nd quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer’s stock valued at $130,010,000 after purchasing an additional 270,562 shares during the last quarter. Sourcerock Group LLC raised its stake in California Resources by 63.8% in the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock valued at $91,370,000 after buying an additional 779,280 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its position in shares of California Resources by 6.1% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer’s stock valued at $58,891,000 after buying an additional 73,885 shares during the last quarter. Orbis Allan Gray Ltd boosted its stake in shares of California Resources by 3.0% during the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock worth $52,713,000 after acquiring an additional 34,593 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of California Resources by 155.8% during the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock worth $48,527,000 after acquiring an additional 647,190 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CRC shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a report on Wednesday, October 8th. Barclays increased their price objective on shares of California Resources from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. lifted their target price on shares of California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Mizuho upped their price target on shares of California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Finally, Roth Capital set a $63.00 price objective on shares of California Resources in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.36.

California Resources Trading Up 0.1%

CRC stock opened at $44.07 on Friday. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $58.41. The company has a market capitalization of $3.69 billion, a PE ratio of 10.25 and a beta of 1.15. The company’s 50-day simple moving average is $46.71 and its 200 day simple moving average is $48.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.15. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The business had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $888.58 million. During the same quarter in the previous year, the company earned $1.50 EPS. The business’s revenue was down 36.8% on a year-over-year basis. As a group, sell-side analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were paid a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 3.7%. This is an increase from California Resources’s previous quarterly dividend of $0.39. The ex-dividend date was Monday, December 1st. California Resources’s dividend payout ratio is presently 37.67%.

California Resources Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.