Wells Fargo & Company MN Buys 24,960 Shares of California Resources Co. (NYSE:CRC)

Wells Fargo & Company MN lifted its stake in shares of California Resources Co. (NYSE:CRC - Free Report) by 78.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,798 shares of the oil and gas producer's stock after buying an additional 24,960 shares during the quarter. Wells Fargo & Company MN owned approximately 0.06% of California Resources worth $2,947,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of CRC. MML Investors Services LLC lifted its position in shares of California Resources by 33.6% in the 3rd 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. Tidal Investments LLC grew its position in shares of California Resources by 475.8% during the third quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer's stock worth $1,586,000 after acquiring an additional 24,981 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of California Resources by 22.8% in the 4th 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. Wedge Capital Management L L P NC raised its holdings in shares of California Resources by 14.5% during the fourth quarter. Wedge Capital Management L L P NC now owns 19,288 shares of the oil and gas producer's stock valued at $1,001,000 after buying an additional 2,437 shares during the last quarter. Finally, Clear Harbor Asset Management LLC raised its stake in California Resources by 6.0% during the 4th quarter. Clear Harbor Asset Management LLC now owns 7,475 shares of the oil and gas producer's stock valued at $388,000 after acquiring an additional 425 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

Analyst Ratings Changes

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

California Resources Price Performance

CRC stock traded up $0.26 during midday trading on Friday, reaching $35.62. The company had a trading volume of 884,172 shares, compared to its average volume of 860,667. California Resources Co. has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The company has a market capitalization of $3.23 billion, a P/E ratio of 5.61, a P/E/G ratio of 1.02 and a beta of 1.03. The firm has a 50-day moving average price of $40.51 and a 200-day moving average price of $48.77.

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 earnings per share (EPS) 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 company had revenue of $877.00 million for the quarter, compared to analysts' expectations of $901.36 million. On average, research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were issued a dividend of $0.3875 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 4.35%. California Resources's payout ratio is 37.71%.

Insider Buying and Selling

In other news, Director James N. Chapman purchased 2,000 shares of the stock in a transaction on Wednesday, March 5th. The shares were 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 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 acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.03% of the stock is currently owned by corporate insiders.

California Resources Company 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.