35,000 Shares in California Resources Co. (NYSE:CRC) Purchased by Orvieto Partners L.P.

Orvieto Partners L.P. acquired a new stake in shares of California Resources Co. (NYSE:CRC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 35,000 shares of the oil and gas producer's stock, valued at approximately $1,816,000. California Resources makes up 1.5% of Orvieto Partners L.P.'s investment portfolio, making the stock its 23rd largest holding.

A number of other institutional investors have also recently made changes to their positions in CRC. Vanguard Group Inc. grew its position in California Resources by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock worth $484,953,000 after acquiring an additional 225,620 shares in the last quarter. First Trust Advisors LP boosted its position in shares of California Resources by 14.2% during the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock valued at $353,800,000 after buying an additional 845,694 shares during the period. American Century Companies Inc. boosted its position in shares of California Resources by 14.2% during the fourth 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 buying an additional 290,263 shares during the period. Geode Capital Management LLC boosted its position in shares of California Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock valued at $83,344,000 after buying an additional 13,116 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of California Resources by 5.9% during the fourth 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 buying an additional 57,614 shares during the period. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Stock Down 1.3 %

CRC stock traded down $0.48 during trading on Tuesday, reaching $35.27. 136,255 shares of the company traded hands, compared to its average volume of 970,323. California Resources Co. has a 12 month low of $30.97 and a 12 month high of $60.41. The business has a 50 day simple moving average of $40.25 and a 200 day simple moving average of $48.62. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of 5.55, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03. 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 (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 for the quarter, missing analysts' consensus estimates of $0.96 by ($0.05). The company had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. On average, equities research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 4.40%. The ex-dividend date was Monday, March 10th. California Resources's dividend payout ratio is presently 37.71%.

Insiders Place Their Bets

In other news, Director James N. Chapman bought 2,000 shares of the firm'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 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Barclays dropped their target price on California Resources from $55.00 to $47.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 23rd. Citigroup lowered California Resources from a "buy" rating to a "neutral" rating and decreased their target price for the company from $62.00 to $36.00 in a research report on Monday, April 7th. Truist Financial assumed coverage on California Resources in a research report on Monday, January 13th. They set a "buy" rating and a $75.00 price target on the stock. Royal Bank of Canada cut their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Finally, Bank of America cut their price target on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $61.27.

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.