Victory Capital Management Inc. Decreases Stock Holdings in California Resources Co. (NYSE:CRC)

Victory Capital Management Inc. reduced its holdings in shares of California Resources Co. (NYSE:CRC - Free Report) by 4.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,018,967 shares of the oil and gas producer's stock after selling 43,785 shares during the quarter. Victory Capital Management Inc. owned approximately 1.12% of California Resources worth $52,874,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. R Squared Ltd purchased a new stake in shares of California Resources during the 4th quarter valued at $31,000. Smartleaf Asset Management LLC increased its holdings in California Resources by 331.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock worth $53,000 after buying an additional 812 shares during the last quarter. Nisa Investment Advisors LLC raised its position in California Resources by 71.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock worth $56,000 after acquiring an additional 454 shares during the period. GAMMA Investing LLC raised its position in California Resources by 22.8% in the fourth 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 during the period. Finally, Point72 DIFC Ltd purchased a new position in California Resources in the third quarter valued at about $70,000. 97.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRC has been the topic of several recent research reports. Barclays dropped their price objective on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating on the stock in a report on Wednesday. Truist Financial started coverage on shares of California Resources in a report on Monday, January 13th. They issued a "buy" rating and a $75.00 price objective for the company. TD Cowen lifted their price objective on shares of California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Royal Bank of Canada restated an "outperform" rating and set a $70.00 target price on shares of California Resources in a research report on Tuesday, January 14th. Finally, Capital One Financial upgraded California Resources to a "strong-buy" rating in a research report on Monday, December 9th. 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $67.08.

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California Resources Price Performance

Shares of NYSE CRC traded up $0.66 during midday trading on Friday, hitting $41.63. 877,835 shares of the company's stock were exchanged, compared to its average volume of 789,468. 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 business's fifty day moving average price is $49.34 and its two-hundred day moving average price is $51.96. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 6.56, a PEG ratio of 1.02 and a beta of 1.06. 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 results 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). The company had revenue of $877.00 million during the quarter, compared to analysts' expectations of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. As a group, research analysts forecast that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Monday, March 10th will be given a dividend of $0.3875 per share. The ex-dividend date is Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a yield of 3.72%. California Resources's payout ratio is 24.41%.

Insider Buying and Selling at California Resources

In other California Resources news, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares of the company's stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James N. Chapman acquired 2,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was acquired 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 in the company, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.03% of the company's stock.

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.