California Resources Co. (NYSE:CRC) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its stake in California Resources Co. (NYSE:CRC - Free Report) by 158.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 374,793 shares of the oil and gas producer's stock after purchasing an additional 229,940 shares during the quarter. JPMorgan Chase & Co. owned about 0.41% of California Resources worth $19,448,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRC. R Squared Ltd purchased a new stake in California Resources during the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC boosted its position in California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock worth $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC boosted its position in California Resources by 71.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock worth $56,000 after purchasing an additional 454 shares during the period. GAMMA Investing LLC increased its holdings in 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 valued at $62,000 after purchasing an additional 222 shares in the last quarter. Finally, Blue Trust Inc. raised its position in California Resources by 518.4% in the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer's stock valued at $88,000 after purchasing an additional 1,410 shares during the period. Institutional investors and hedge funds own 97.79% of the company's stock.

Analyst Ratings Changes

CRC has been the topic of several analyst reports. JPMorgan Chase & Co. started coverage on California Resources in a report on Friday, December 20th. They set a "neutral" rating and a $63.00 target price on the stock. Barclays reduced their target price on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 5th. Truist Financial initiated coverage on shares of California Resources in a research note on Monday, January 13th. They issued a "buy" rating and a $75.00 target price for the company. Citigroup downgraded shares of California Resources from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $62.00 to $36.00 in a research note on Monday, April 7th. Finally, Royal Bank of Canada lowered their target price on California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $63.83.

Insider Buying and Selling at California Resources

In other California Resources news, Director James N. Chapman bought 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the transaction, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. The trade was a 4.83 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.03% of the stock is owned by company insiders.

California Resources Stock Performance

Shares of NYSE:CRC traded up $0.68 during trading on Wednesday, reaching $35.10. 28,655 shares of the company's stock traded hands, compared to its average volume of 847,185. 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 50 day moving average of $42.50 and a 200-day moving average of $49.76. California Resources Co. has a 12 month low of $30.97 and a 12 month high of $60.41. The stock has a market capitalization of $3.18 billion, a P/E ratio of 5.53, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03.

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 (EPS) 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 analyst estimates of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. On average, equities analysts expect that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were given a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 4.42%. The ex-dividend date of this dividend was Monday, March 10th. California Resources's dividend payout ratio (DPR) is 37.71%.

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.