Prudential Financial Inc. Lowers Stock Holdings in California Resources Co. (NYSE:CRC)

Prudential Financial Inc. reduced its stake in California Resources Co. (NYSE:CRC) by 3.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,111 shares of the oil and gas producer’s stock after selling 6,940 shares during the period. Prudential Financial Inc. owned 0.23% of California Resources worth $10,955,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CRC. R Squared Ltd bought a new position in California Resources in the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC lifted its holdings in shares of California Resources by 331.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after buying an additional 812 shares during the period. Nisa Investment Advisors LLC grew its position in shares of California Resources by 71.6% during the 4th 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. GAMMA Investing LLC increased its stake in shares of California Resources by 22.8% during the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after buying an additional 222 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in shares of California Resources in the third quarter valued at about $70,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Truist Financial initiated coverage on shares of California Resources in a report on Monday, January 13th. They set a “buy” rating and a $75.00 target price on the stock. Barclays cut their price objective on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. JPMorgan Chase & Co. initiated coverage on California Resources in a report on Friday, December 20th. They set a “neutral” rating and a $63.00 target price for the company. Capital One Financial raised California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $68.00 price target on shares of California Resources in a research report on Thursday. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.92.

Insider Buying and Selling

In other news, Director James N. Chapman acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the acquisition, the director now owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.03% of the stock is currently owned by company insiders.

California Resources Price Performance

Shares of NYSE CRC opened at $43.80 on Friday. California Resources Co. has a fifty-two week low of $38.02 and a fifty-two week high of $60.41. The company has a market cap of $3.97 billion, a PE ratio of 6.90, 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. The business has a 50-day simple moving average of $46.42 and a two-hundred day simple moving average of $51.14.

California Resources (NYSE:CRC) last released its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $877.00 million during the quarter, compared to analyst estimates of $901.36 million. As a group, equities analysts expect that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were given a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.54%. The ex-dividend date of this dividend was Monday, March 10th. California Resources’s payout ratio is 37.71%.

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.