California Resources Co. (NYSE:CRC) Shares Sold by Grantham Mayo Van Otterloo & Co. LLC

Grantham Mayo Van Otterloo & Co. LLC reduced its holdings in California Resources Co. (NYSE:CRC - Free Report) by 5.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 882,879 shares of the oil and gas producer's stock after selling 54,400 shares during the period. Grantham Mayo Van Otterloo & Co. LLC owned 0.97% of California Resources worth $45,813,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Verition Fund Management LLC boosted its holdings in shares of California Resources by 85.3% during the 3rd quarter. Verition Fund Management LLC now owns 7,851 shares of the oil and gas producer's stock valued at $412,000 after acquiring an additional 3,615 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of California Resources by 2.0% in the third quarter. Janus Henderson Group PLC now owns 284,305 shares of the oil and gas producer's stock valued at $14,917,000 after purchasing an additional 5,583 shares during the period. Point72 DIFC Ltd bought a new position in California Resources in the 3rd quarter valued at $70,000. State Street Corp raised its position 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 valued at $181,021,000 after buying an additional 168,278 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new stake in California Resources during the third quarter valued at about $28,043,000. Institutional investors and hedge funds own 97.79% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CRC. Citigroup downgraded shares of California Resources from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $62.00 to $36.00 in a research note on Monday. Barclays dropped their price target on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 5th. Truist Financial assumed coverage on shares of California Resources in a research report on Monday, January 13th. They set a "buy" rating and a $75.00 target price on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $68.00 target price on shares of California Resources in a research report on Thursday, March 27th. Finally, 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 price target for the company. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, California Resources presently has an average rating of "Moderate Buy" and an average target price of $64.50.

California Resources Stock Performance

NYSE:CRC traded down $2.95 during trading hours on Thursday, reaching $33.52. The company had a trading volume of 354,512 shares, compared to its average volume of 845,910. 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 $30.97 and a 1-year high of $60.41. The business's 50 day moving average price is $43.63 and its 200-day moving average price is $50.25. The firm has a market cap of $3.04 billion, a PE ratio of 5.29, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $877.00 million during the quarter, compared to analysts' expectations of $901.36 million. Research analysts forecast that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were given a $0.3875 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a yield of 4.62%. California Resources's dividend payout ratio is currently 37.71%.

Insider Transactions at California Resources

In related news, Director James N. Chapman purchased 2,000 shares of the business's stock in a transaction on Wednesday, March 5th. The shares were bought at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now directly owns 43,445 shares in the company, valued at $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 can be accessed through the SEC website. Company insiders own 0.03% of the company's stock.

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.