ArrowMark Colorado Holdings LLC Lowers Holdings in California Resources Co. (NYSE:CRC)

ArrowMark Colorado Holdings LLC decreased its stake in California Resources Co. (NYSE:CRC - Free Report) by 36.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 178,000 shares of the oil and gas producer's stock after selling 100,000 shares during the period. ArrowMark Colorado Holdings LLC owned 0.19% of California Resources worth $9,236,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in California Resources by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock valued at $484,953,000 after purchasing an additional 225,620 shares during the period. First Trust Advisors LP increased 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 worth $353,800,000 after buying an additional 845,694 shares during the period. American Century Companies Inc. lifted its holdings in California Resources by 14.2% in 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 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 acquiring an additional 13,116 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in 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 worth $53,541,000 after acquiring an additional 57,614 shares during the period. 97.79% of the stock is currently owned by institutional investors.

California Resources Price Performance

NYSE CRC traded up $0.62 on Tuesday, hitting $35.56. The stock had a trading volume of 650,168 shares, compared to its average volume of 864,394. California Resources Co. has a 52-week low of $30.97 and a 52-week high of $60.41. The firm has a 50-day moving average of $38.93 and a 200-day moving average of $47.95. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 5.60, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.87 by $0.20. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm's revenue for the quarter was up 100.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.75 EPS. Equities analysts expect that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

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 $0.3875 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 4.36%. California Resources's dividend payout ratio is currently 37.71%.

Insiders Place Their Bets

In other news, Director James N. Chapman acquired 2,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was purchased at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the purchase, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.03% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on CRC shares. Truist Financial initiated coverage on California Resources in a research note on Monday, January 13th. They set a "buy" rating and a $75.00 price target on the stock. Citigroup lowered California Resources from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $62.00 to $36.00 in a report on Monday, April 7th. Barclays dropped their target price on California Resources from $55.00 to $47.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 23rd. Royal Bank of Canada decreased their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Finally, Bank of America dropped their target price on shares of California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $61.27.

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.