Point72 Asset Management L.P. Trims Stock Position in California Resources Co. (NYSE:CRC)

Point72 Asset Management L.P. reduced its holdings in shares of California Resources Co. (NYSE:CRC - Free Report) by 54.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 327,208 shares of the oil and gas producer's stock after selling 389,140 shares during the period. Point72 Asset Management L.P. owned about 0.36% of California Resources worth $16,979,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of CRC. R Squared Ltd purchased a new stake in California Resources in the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC boosted its holdings in shares of California Resources by 331.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock valued at $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of California Resources by 71.6% in 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 during the period. Lazard Asset Management LLC grew its stake in California Resources by 52,366.7% in the fourth 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. increased its holdings in California Resources by 518.4% during 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 during the period. Hedge funds and other institutional investors own 97.79% of the company's stock.

Analyst Upgrades and Downgrades

CRC has been the subject of several research reports. Barclays upped their target price on California Resources from $47.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Roth Capital reissued a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, Mizuho cut their price objective on shares of California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $60.36.

Insider Buying and Selling

In other California Resources news, Director James N. Chapman purchased 2,000 shares of California Resources stock in a transaction on Wednesday, March 5th. The stock was bought at an average cost of $39.42 per share, with a total value of $78,840.00. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.03% of the company's stock.

California Resources Stock Down 0.8%

NYSE CRC traded down $0.33 during trading on Friday, hitting $41.93. The company's stock had a trading volume of 82,077 shares, compared to its average volume of 868,361. California Resources Co. has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The company has a market cap of $3.74 billion, a PE ratio of 6.61, a P/E/G ratio of 1.02 and a beta of 1.06. The business's 50 day simple moving average is $39.01 and its 200-day simple moving average is $47.14.

California Resources (NYSE:CRC - Get Free Report) last released its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm 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 earned $0.75 EPS. The firm's revenue was up 100.9% on a year-over-year basis. On average, equities analysts anticipate that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.70%. The ex-dividend date is Friday, May 30th. California Resources's payout ratio is 28.13%.

California Resources Company 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.