Private Management Group Inc. Grows Stock Holdings in California Resources Co. (NYSE:CRC)

Private Management Group Inc. lifted its position in California Resources Co. (NYSE:CRC) by 0.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 797,166 shares of the oil and gas producer’s stock after buying an additional 556 shares during the quarter. California Resources makes up 1.5% of Private Management Group Inc.’s investment portfolio, making the stock its 11th largest holding. Private Management Group Inc. owned approximately 0.87% of California Resources worth $41,365,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CRC. Weiss Asset Management LP purchased a new stake in California Resources during the third quarter worth about $28,043,000. State Street Corp increased its stake in California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after buying an additional 168,278 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in California Resources by 8.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after buying an additional 75,606 shares in the last quarter. Vest Financial LLC boosted its position in California Resources by 14.5% in the 3rd quarter. Vest Financial LLC now owns 539,009 shares of the oil and gas producer’s stock valued at $28,282,000 after buying an additional 68,315 shares during the period. Finally, Jennison Associates LLC grew its stake in shares of California Resources by 41.9% in the fourth quarter. Jennison Associates LLC now owns 214,436 shares of the oil and gas producer’s stock worth $11,127,000 after acquiring an additional 63,338 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. TD Cowen lifted their target price on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Jefferies Financial Group began coverage on California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective for the company. Truist Financial assumed coverage on shares of California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 target price on the stock. UBS Group began coverage on shares of California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price target for the company. Finally, Stephens initiated coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective on the stock. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and an average price target of $67.25.

Insider Activity

In other news, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.63% of the company’s stock.

California Resources Stock Performance

NYSE CRC opened at $48.12 on Thursday. The company has a fifty day moving average of $52.93 and a two-hundred day moving average of $52.45. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources Co. has a 1 year low of $43.09 and a 1 year high of $60.41. The company has a market capitalization of $4.40 billion, a PE ratio of 7.58, a P/E/G ratio of 1.01 and a beta of 1.04.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm’s quarterly revenue was up 194.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 EPS. As a group, analysts expect that California Resources Co. will post 3.85 earnings per share for the current year.

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.