Ameriprise Financial Inc. Sells 55,008 Shares of California Resources Co. (NYSE:CRC)

Ameriprise Financial Inc. cut its holdings in California Resources Co. (NYSE:CRC - Free Report) by 20.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,891 shares of the oil and gas producer's stock after selling 55,008 shares during the period. Ameriprise Financial Inc. owned approximately 0.23% of California Resources worth $10,943,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Yousif Capital Management LLC lifted its position in shares of California Resources by 0.7% during the 4th quarter. Yousif Capital Management LLC now owns 26,924 shares of the oil and gas producer's stock worth $1,397,000 after purchasing an additional 196 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of California Resources by 1.2% during the fourth quarter. Arizona State Retirement System now owns 18,199 shares of the oil and gas producer's stock worth $944,000 after buying an additional 222 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in shares of California Resources by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer's stock worth $374,000 after buying an additional 228 shares during the last quarter. Mutual of America Capital Management LLC boosted its position in shares of California Resources by 3.5% in the fourth quarter. Mutual of America Capital Management LLC now owns 10,835 shares of the oil and gas producer's stock valued at $562,000 after acquiring an additional 371 shares during the period. Finally, O Shaughnessy Asset Management LLC grew its stake in shares of California Resources by 5.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,929 shares of the oil and gas producer's stock worth $360,000 after acquiring an additional 372 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CRC shares. Bank of America decreased their target price on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Royal Bank of Canada cut 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. Truist Financial raised California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Roth Capital reissued a "buy" rating on shares of California Resources in a report on Wednesday, May 7th. Finally, UBS Group increased 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, May 8th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $60.36.

Insiders Place Their Bets

In other news, Director James N. Chapman bought 2,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The stock was bought at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.03% of the company's stock.

California Resources Stock Performance

NYSE:CRC opened at $43.19 on Tuesday. The stock has a market capitalization of $3.85 billion, a P/E ratio of 6.80, 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. California Resources Co. has a 1 year low of $30.97 and a 1 year high of $60.41. The firm has a 50 day moving average of $39.02 and a 200-day moving average of $47.28.

California Resources (NYSE:CRC - Get Free Report) last announced its 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 $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. During the same period last year, the company posted $0.75 earnings per share. The firm's quarterly revenue was up 100.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 3.59%. The ex-dividend date is Friday, May 30th. California Resources's payout ratio is presently 28.13%.

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.

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