Principal Financial Group Inc. Trims Holdings in California Resources Co. (NYSE:CRC)

Principal Financial Group Inc. lowered its position in California Resources Co. (NYSE:CRC) by 3.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 360,172 shares of the oil and gas producer’s stock after selling 12,592 shares during the period. Principal Financial Group Inc.’s holdings in California Resources were worth $18,898,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of CRC. GAMMA Investing LLC raised its position in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 371 shares in the last quarter. Farther Finance Advisors LLC increased its holdings 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 valued at $169,000 after purchasing an additional 276 shares in the last quarter. Privium Fund Management B.V. acquired a new position in shares of California Resources in the 2nd quarter valued at $258,000. DekaBank Deutsche Girozentrale boosted its holdings in California Resources by 44.1% during the third quarter. DekaBank Deutsche Girozentrale now owns 5,026 shares of the oil and gas producer’s stock worth $259,000 after buying an additional 1,537 shares in the last quarter. Finally, Hyperion Capital Advisors LP purchased a new stake in California Resources during the first quarter worth $275,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Price Performance

California Resources stock opened at $58.40 on Friday. The company has a fifty day simple moving average of $52.70 and a 200-day simple moving average of $50.86. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of 9.20, a PEG ratio of 1.45 and a beta of 0.98. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $60.41.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.62. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. California Resources’s revenue was up 194.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 EPS. On average, equities analysts anticipate that California Resources Co. will post 3.42 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 2.65%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources’s dividend payout ratio (DPR) is currently 24.41%.

Analyst Ratings Changes

CRC has been the subject of a number of analyst reports. Barclays upped their price objective 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. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. UBS Group began coverage on California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target on the stock. Finally, Citigroup upped their price objective on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.50.

Insider Buying and Selling at California Resources

In other California Resources news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the transaction, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. The trade was a 4.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction 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. This trade represents a 36.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,270 shares of company stock worth $1,387,778 in the last three months. 0.03% of the stock is owned by corporate insiders.

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.