Fmr LLC Reduces Stock Holdings in California Resources Co. (NYSE:CRC)

FMR LLC lessened its holdings in shares of California Resources Co. (NYSE:CRC - Free Report) by 17.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,888,442 shares of the oil and gas producer's stock after selling 400,660 shares during the period. FMR LLC owned 2.07% of California Resources worth $97,991,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of CRC. Geode Capital Management LLC boosted its stake in shares of California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer's stock valued at $83,583,000 after purchasing an additional 55,815 shares during the last quarter. Entropy Technologies LP bought a new stake in California Resources during the fourth quarter valued at $841,000. Bank of New York Mellon Corp grew its holdings in California Resources by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer's stock worth $38,350,000 after acquiring an additional 14,240 shares during the period. Thrivent Financial for Lutherans raised its position in shares of California Resources by 1.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer's stock worth $2,869,000 after acquiring an additional 649 shares in the last quarter. Finally, Empowered Funds LLC raised its position in shares of California Resources by 84.3% in the 4th quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer's stock worth $2,539,000 after acquiring an additional 22,383 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

Insider Transactions at California Resources

In related news, Director James N. Chapman purchased 2,000 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average cost of $39.42 per share, with a total value of $78,840.00. Following the acquisition, the director now owns 43,445 shares of the company's stock, valued at $1,712,601.90. This represents a 4.83 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.03% of the company's stock.

California Resources Stock Down 3.7 %

Shares of NYSE:CRC traded down $1.32 during mid-day trading on Monday, hitting $34.36. 739,604 shares of the company traded hands, compared to its average volume of 853,837. The stock has a 50-day moving average price of $41.52 and a two-hundred day moving average price of $49.23. California Resources Co. has a 12-month low of $30.97 and a 12-month high of $60.41. The stock has a market cap of $3.11 billion, a P/E ratio of 5.41, a P/E/G ratio of 1.02 and a beta of 1.03. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC - Get Free Report) last posted 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 return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $877.00 million for the quarter, compared to analysts' expectations of $901.36 million. On average, equities research analysts forecast that California Resources Co. will post 3.85 earnings per share 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 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 4.51%. California Resources's dividend payout ratio is currently 37.71%.

Analysts Set New Price Targets

CRC has been the subject of several recent analyst reports. 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 note on Friday, April 11th. Citigroup downgraded shares of California Resources from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $62.00 to $36.00 in a research report on Monday, April 7th. Truist Financial assumed coverage on shares of California Resources in a research report on Monday, January 13th. They set a "buy" rating and a $75.00 target price on the stock. Finally, Barclays reduced their price target on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $63.83.

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.