Nuveen Asset Management LLC Increases Stock Position in California Resources Co. (NYSE:CRC)

Nuveen Asset Management LLC grew its stake in California Resources Co. (NYSE:CRC - Free Report) by 56.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 429,526 shares of the oil and gas producer's stock after purchasing an additional 154,804 shares during the quarter. Nuveen Asset Management LLC owned about 0.47% of California Resources worth $22,288,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. R Squared Ltd bought a new position in California Resources in the 4th quarter worth $31,000. Smartleaf Asset Management LLC raised its holdings in California Resources by 331.4% in 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 in the last quarter. Nisa Investment Advisors LLC raised its holdings in California Resources by 71.6% in 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 in the last quarter. Lazard Asset Management LLC raised its holdings in California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock worth $81,000 after purchasing an additional 1,571 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in California Resources by 518.4% in the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer's stock worth $88,000 after purchasing an additional 1,410 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Up 0.1%

CRC stock traded up $0.02 during trading on Thursday, hitting $42.53. 74,256 shares of the stock traded hands, compared to its average volume of 942,580. California Resources Co. has a 1 year low of $30.97 and a 1 year high of $60.41. The firm's 50 day moving average is $38.87 and its two-hundred day moving average is $46.77. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 6.70, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. 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 (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, beating the consensus estimate of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $912.00 million for the quarter, compared to the consensus estimate of $862.14 million. During the same period in the prior year, the firm posted $0.75 EPS. California Resources's revenue for the quarter was up 100.9% on a year-over-year basis. On average, sell-side analysts anticipate that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date is Friday, May 30th. California Resources's payout ratio is presently 28.13%.

Wall Street Analyst Weigh In

CRC has been the subject of several research reports. Barclays upped their price objective on shares of California Resources from $47.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Roth Capital reiterated a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Bank of America decreased their price target 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. Finally, Citigroup increased their price target on shares of California Resources from $36.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $60.36.

Insider Activity

In related news, Director James N. Chapman purchased 2,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the acquisition, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.63% 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.