Invesco Ltd. Lowers Stake in California Resources Co. (NYSE:CRC)

Invesco Ltd. cut its holdings in California Resources Co. (NYSE:CRC - Free Report) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 442,690 shares of the oil and gas producer's stock after selling 21,924 shares during the period. Invesco Ltd. owned about 0.48% of California Resources worth $22,971,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. MML Investors Services LLC lifted its position in California Resources by 33.6% in the third quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer's stock worth $377,000 after buying an additional 1,808 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of California Resources by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer's stock valued at $83,583,000 after buying an additional 55,815 shares during the last quarter. Tidal Investments LLC grew its position in California Resources by 475.8% in the 3rd quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer's stock valued at $1,586,000 after acquiring an additional 24,981 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of California Resources by 22.8% during the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock valued at $62,000 after purchasing an additional 222 shares during the period. Finally, Wedge Capital Management L L P NC increased its stake in California Resources by 14.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 19,288 shares of the oil and gas producer's stock worth $1,001,000 after buying an additional 2,437 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director James N. Chapman acquired 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the acquisition, the director now owns 43,445 shares of the company's stock, valued at $1,712,601.90. This trade represents a 4.83 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.03% of the stock is currently owned by company insiders.

California Resources Stock Performance

NYSE CRC traded up $0.39 on Thursday, reaching $35.26. 95,851 shares of the company's stock traded hands, compared to its average volume of 852,291. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. California Resources Co. has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The stock has a 50 day moving average price of $41.02 and a 200-day moving average price of $49.04. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of 5.55, a P/E/G ratio of 1.02 and a beta of 1.03.

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

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were given a $0.3875 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.40%. California Resources's dividend payout ratio (DPR) is presently 37.71%.

Analyst Ratings Changes

A number of equities analysts have recently commented on CRC shares. Royal Bank of Canada reduced their target price on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. Truist Financial began coverage on shares of California Resources in a report on Monday, January 13th. They set a "buy" rating and a $75.00 price objective on the stock. Citigroup cut California Resources from a "buy" rating to a "neutral" rating and dropped their target price for the company from $62.00 to $36.00 in a research report on Monday, April 7th. Finally, Barclays decreased their price objective on California Resources from $55.00 to $47.00 and set an "equal weight" rating for the company in a research note on Wednesday. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.64.

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.