Clark Capital Management Group Inc. Acquires 46,404 Shares of California Resources Co. (NYSE:CRC)

Clark Capital Management Group Inc. boosted its stake in California Resources Co. (NYSE:CRC - Free Report) by 131.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 81,591 shares of the oil and gas producer's stock after acquiring an additional 46,404 shares during the period. Clark Capital Management Group Inc. owned 0.09% of California Resources worth $4,234,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of 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 valued at $484,953,000 after purchasing an additional 225,620 shares during the period. First Trust Advisors LP raised its position in shares of California Resources by 14.2% in 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 purchasing an additional 845,694 shares during the period. American Century Companies Inc. raised its position in shares of 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 purchasing an additional 290,263 shares during the period. Geode Capital Management LLC raised its position in shares of California Resources by 0.8% in 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 purchasing an additional 13,116 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of California Resources by 5.9% in 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 purchasing an additional 57,614 shares during the period. Institutional investors own 97.79% of the company's stock.

Analysts Set New Price Targets

CRC has been the subject of several recent analyst reports. Bank of America reduced their price objective on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. UBS Group boosted their price objective on shares of California Resources from $49.00 to $51.00 and gave the company a "buy" rating in a research note on Thursday. Citigroup cut shares of California Resources from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $62.00 to $36.00 in a research note on Monday, April 7th. Finally, Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, California Resources has a consensus rating of "Moderate Buy" and a consensus price target of $60.00.

California Resources Price Performance

CRC stock traded down $0.14 during midday trading on Friday, reaching $40.57. The company had a trading volume of 933,025 shares, compared to its average volume of 869,485. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources Co. has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a market capitalization of $3.68 billion, a P/E ratio of 6.39, a P/E/G ratio of 1.02 and a beta of 1.06. The firm has a 50-day moving average price of $38.86 and a 200-day moving average price of $47.66.

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 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $912.00 million during the quarter, compared to analysts' expectations of $862.14 million. During the same quarter in the previous year, the company earned $0.75 EPS. The business's quarterly revenue was up 100.9% compared to the same quarter last year. On average, research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.82%. California Resources's payout ratio is 28.13%.

Insider Transactions at California Resources

In other California Resources 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, 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. The trade was a 4.83% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.03% of the company's stock.

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.