Russell Investments Group Ltd. Sells 13,371 Shares of California Resources Co. (NYSE:CRC)

Russell Investments Group Ltd. lessened its stake in shares of California Resources Co. (NYSE:CRC - Free Report) by 9.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 132,702 shares of the oil and gas producer's stock after selling 13,371 shares during the quarter. Russell Investments Group Ltd. owned about 0.15% of California Resources worth $6,886,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. R Squared Ltd bought a new stake in shares of California Resources in the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC increased its holdings in shares of California Resources by 331.4% in 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 buying an additional 812 shares in the last quarter. Nisa Investment Advisors LLC lifted 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 valued at $56,000 after acquiring an additional 454 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of California Resources by 22.8% during the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock worth $62,000 after acquiring an additional 222 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of California Resources by 518.4% in the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer's stock worth $88,000 after acquiring an additional 1,410 shares during the last quarter. Institutional investors own 97.79% of the company's stock.

Insiders Place Their Bets

In other news, Director James N. Chapman acquired 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the acquisition, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.03% of the company's stock.

California Resources Stock Up 3.0 %

NYSE CRC traded up $1.02 during trading on Friday, reaching $35.65. The company's stock had a trading volume of 528,667 shares, compared to its average volume of 850,547. The business has a 50-day moving average price of $42.00 and a 200-day moving average price of $49.54. California Resources Co. has a 1-year low of $30.97 and a 1-year high of $60.41. The stock has a market capitalization of $3.23 billion, a PE ratio of 5.61, a PEG ratio of 1.02 and a beta of 1.03. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). The company had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. On average, research analysts forecast that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a $0.3875 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.55 annualized dividend and a yield of 4.35%. California Resources's dividend payout ratio (DPR) is currently 37.71%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Royal Bank of Canada decreased their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, April 11th. JPMorgan Chase & Co. started coverage on shares of California Resources in a research report on Friday, December 20th. They issued a "neutral" rating and a $63.00 target price on the stock. Citigroup downgraded shares of California Resources from a "buy" rating to a "neutral" rating and reduced their price target for the company from $62.00 to $36.00 in a research report on Monday, April 7th. Barclays cut their target price on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Finally, Truist Financial assumed coverage on California Resources in a report on Monday, January 13th. They set a "buy" rating and a $75.00 price target on the stock. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $63.83.

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.