Geode Capital Management LLC Acquires 13,116 Shares of California Resources Co. (NYSE:CRC)

Geode Capital Management LLC increased its stake in shares of California Resources Co. (NYSE:CRC - Free Report) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,605,779 shares of the oil and gas producer's stock after purchasing an additional 13,116 shares during the quarter. Geode Capital Management LLC owned approximately 1.76% of California Resources worth $83,344,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp raised its stake in shares of 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 purchasing an additional 168,278 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of California Resources in the 4th quarter valued at $841,000. Bank of New York Mellon Corp boosted its holdings in California Resources by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer's stock worth $38,350,000 after purchasing an additional 14,240 shares in the last quarter. Thrivent Financial for Lutherans increased its position in California Resources by 1.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer's stock worth $2,869,000 after buying an additional 649 shares during the last quarter. Finally, Empowered Funds LLC increased its position in California Resources by 84.3% during the fourth quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer's stock worth $2,539,000 after buying an additional 22,383 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related 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 completion of the purchase, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.03% of the company's stock.

California Resources Price Performance

CRC stock traded up $0.69 during trading on Wednesday, hitting $35.11. The company had a trading volume of 42,793 shares, compared to its average volume of 847,264. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average price of $42.50 and a two-hundred day moving average price of $49.76. California Resources Co. has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The company has a market cap of $3.18 billion, a P/E ratio of 5.53, a P/E/G ratio of 1.02 and a beta of 1.03.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $877.00 million during the quarter, compared to analyst estimates of $901.36 million. Equities research analysts expect that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 4.41%. The ex-dividend date was Monday, March 10th. California Resources's dividend payout ratio is 37.71%.

Wall Street Analysts Forecast Growth

CRC has been the subject of several recent analyst reports. Barclays decreased their price target on California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Citigroup lowered shares of California Resources from a "buy" rating to a "neutral" rating and dropped their price target for the company from $62.00 to $36.00 in a research report on Monday, April 7th. JPMorgan Chase & Co. began coverage on shares of California Resources in a report on Friday, December 20th. They set a "neutral" rating and a $63.00 price objective for the company. 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 target price on the stock. Finally, Royal Bank of Canada lowered their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.83.

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.