California Resources Co. (NYSE:CRC) Holdings Trimmed by Rafferty Asset Management LLC

Rafferty Asset Management LLC reduced its position in shares of California Resources Co. (NYSE:CRC) by 15.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 68,086 shares of the oil and gas producer’s stock after selling 12,829 shares during the quarter. Rafferty Asset Management LLC’s holdings in California Resources were worth $3,533,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. R Squared Ltd bought a new position in shares of California Resources during the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC lifted its stake in California Resources by 331.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after purchasing an additional 812 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after buying an additional 454 shares in the last quarter. Lazard Asset Management LLC grew its position in California Resources by 52,366.7% in the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock worth $81,000 after buying an additional 1,571 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of California Resources by 518.4% in the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock valued at $88,000 after buying an additional 1,410 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at California Resources

In other California Resources news, Director James N. Chapman acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the transaction, the director now owns 43,445 shares in the company, valued at $1,712,601.90. The trade was a 4.83% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRC. Royal Bank of Canada reduced their price objective on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Truist Financial upgraded California Resources to a “strong-buy” rating in a research report on Tuesday, May 6th. Bank of America cut their price objective on California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Mizuho decreased their target price on shares of California Resources from $64.00 to $60.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Finally, Barclays boosted their price target on shares of California Resources from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $59.64.

California Resources Stock Performance

CRC stock opened at $42.61 on Monday. The firm has a 50 day simple moving average of $39.01 and a 200 day simple moving average of $47.34. California Resources Co. has a 52 week low of $30.97 and a 52 week high of $60.41. The stock has a market cap of $3.80 billion, a P/E ratio of 6.71, a P/E/G ratio of 1.02 and a beta of 1.06. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s revenue was up 100.9% compared to the same quarter last year. Research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a yield of 3.64%. California Resources’s payout ratio is 28.13%.

California Resources Company 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.