DAVENPORT & Co LLC Buys 26,026 Shares of California Resources Co. (NYSE:CRC)

DAVENPORT & Co LLC lifted its stake in California Resources Co. (NYSE:CRC - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 731,712 shares of the oil and gas producer's stock after purchasing an additional 26,026 shares during the period. DAVENPORT & Co LLC owned about 0.80% of California Resources worth $37,969,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new position in shares of California Resources in the 4th quarter valued at approximately $31,000. GAMMA Investing LLC increased its holdings in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer's stock valued at $51,000 after purchasing an additional 371 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings 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 valued at $56,000 after purchasing an additional 454 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of California Resources during the 3rd quarter valued at approximately $70,000. Finally, Blue Trust Inc. increased its holdings in shares of California Resources by 518.4% during the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer's stock valued at $88,000 after purchasing an additional 1,410 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Omar Hayat sold 16,016 shares of the firm's stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.63% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRC. StockNews.com raised shares of California Resources from a "sell" rating to a "hold" rating in a report on Saturday, November 16th. JPMorgan Chase & Co. assumed coverage on shares of California Resources in a research note on Friday, December 20th. They set a "neutral" rating and a $63.00 target price on the stock. TD Cowen lifted their target price on shares of California Resources from $65.00 to $74.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Truist Financial began coverage on shares of California Resources in a report on Monday, January 13th. They issued a "buy" rating and a $75.00 price objective on the stock. Finally, Stephens began 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 investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $67.25.

California Resources Trading Down 1.2 %

Shares of CRC traded down $0.60 on Wednesday, hitting $47.98. 233,394 shares of the stock traded hands, compared to its average volume of 695,526. 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 $4.38 billion, a P/E ratio of 7.56, a P/E/G ratio of 1.01 and a beta of 1.04. The stock's 50 day moving average is $53.13 and its two-hundred day moving average is $52.48. California Resources Co. has a 1 year low of $43.09 and a 1 year high of $60.41.

California Resources (NYSE:CRC - Get Free Report) 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, topping the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $973.13 million. During the same quarter in the previous year, the company posted $1.02 EPS. The business's revenue was up 194.1% compared to the same quarter last year. As a group, sell-side analysts predict that California Resources Co. will post 3.85 earnings per share for the current year.

About California Resources

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.