Prudential Financial Inc. Sells 6,940 Shares of California Resources Co. (NYSE:CRC)

Prudential Financial Inc. cut its holdings in California Resources Co. (NYSE:CRC - Free Report) by 3.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 211,111 shares of the oil and gas producer's stock after selling 6,940 shares during the quarter. Prudential Financial Inc. owned approximately 0.23% of California Resources worth $10,955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of California Resources by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock worth $484,953,000 after buying an additional 225,620 shares during the last quarter. State Street Corp boosted its holdings in California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer's stock valued at $181,021,000 after acquiring an additional 168,278 shares in the last quarter. American Century Companies Inc. increased its position in California Resources by 14.2% during the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer's stock valued at $120,785,000 after purchasing an additional 290,263 shares during the period. Geode Capital Management LLC raised its holdings in California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer's stock worth $83,583,000 after purchasing an additional 55,815 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of California Resources by 5.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,816 shares of the oil and gas producer's stock valued at $53,541,000 after purchasing an additional 57,614 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Stock Performance

NYSE:CRC traded down $0.45 during mid-day trading on Wednesday, reaching $44.87. The company's stock had a trading volume of 88,922 shares, compared to its average volume of 1,003,953. 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 stock has a market cap of $4.07 billion, a P/E ratio of 7.07, a PEG ratio of 1.02 and a beta of 1.06. The firm's fifty day moving average price is $46.05 and its two-hundred day moving average price is $51.11. California Resources Co. has a 12-month low of $38.02 and a 12-month high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data 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). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $877.00 million for the quarter, compared to analysts' expectations of $901.36 million. On average, equities analysts forecast that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently disclosed 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 dividend yield of 3.45%. The ex-dividend date of this dividend was Monday, March 10th. California Resources's payout ratio is currently 37.71%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Barclays lowered their target price 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. Truist Financial started coverage on shares of California Resources in a research note on Monday, January 13th. They issued a "buy" rating and a $75.00 price target for the company. Royal Bank of Canada reissued an "outperform" rating and set a $68.00 price objective on shares of California Resources in a research note on Thursday, March 27th. Capital One Financial upgraded shares of California Resources to a "strong-buy" rating in a report on Monday, December 9th. Finally, JPMorgan Chase & Co. initiated coverage on California Resources in a research note on Friday, December 20th. They issued a "neutral" rating and a $63.00 price target on the stock. Three equities research 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 company's stock. Based on data from MarketBeat.com, California Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $66.92.

Insider Activity at California Resources

In other California Resources news, Director James N. Chapman purchased 2,000 shares of California Resources stock in a transaction dated 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 transaction, the director now directly owns 43,445 shares of the company's stock, valued at $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 accessible through this link. 0.03% of the stock is owned by company insiders.

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.