California Resources Co. (NYSE:CRC) is Ares Management LLC's 9th Largest Position

Ares Management LLC trimmed its stake in California Resources Co. (NYSE:CRC - Free Report) by 73.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 708,676 shares of the oil and gas producer's stock after selling 1,990,709 shares during the quarter. California Resources comprises about 0.1% of Ares Management LLC's holdings, making the stock its 9th biggest position. Ares Management LLC owned 0.78% of California Resources worth $36,773,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CRC. Tidal Investments LLC raised its stake 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 in the last quarter. GAMMA Investing LLC lifted its stake 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 purchasing an additional 222 shares during the last quarter. Wedge Capital Management L L P NC boosted its position in 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 period. Clear Harbor Asset Management LLC raised its holdings in shares of California Resources by 6.0% during the fourth 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. Finally, Nisa Investment Advisors LLC boosted its position in shares of California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock valued at $56,000 after purchasing an additional 454 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Price Performance

Shares of CRC traded up $0.76 during trading hours on Friday, reaching $36.17. 587,925 shares of the stock traded hands, compared to its average volume of 864,013. The company has a market cap of $3.28 billion, a P/E ratio of 5.70, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. 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 company's 50-day moving average price is $39.32 and its two-hundred day moving average price is $48.18. California Resources Co. has a 52-week low of $30.97 and a 52-week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last posted its 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 firm 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%. On average, analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 4.29%. The ex-dividend date was Monday, March 10th. California Resources's dividend payout ratio is 37.71%.

Analysts Set New Price Targets

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

Insider Activity at California Resources

In related news, Director James N. Chapman bought 2,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The stock was purchased at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now owns 43,445 shares in the company, valued at $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.03% of the stock is owned by insiders.

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.