Rafferty Asset Management LLC Cuts Stock Holdings in California Resources Co. (NYSE:CRC)

Rafferty Asset Management LLC lessened its position in shares of California Resources Co. (NYSE:CRC - Free Report) by 15.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 68,086 shares of the oil and gas producer's stock after selling 12,829 shares during the period. Rafferty Asset Management LLC owned approximately 0.07% of California Resources worth $3,533,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Entropy Technologies LP bought a new position in California Resources in the 4th quarter valued at approximately $841,000. Bank of New York Mellon Corp increased its position in California Resources by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer's stock valued at $38,350,000 after acquiring an additional 14,240 shares during the period. Thrivent Financial for Lutherans increased its position in 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 valued at $2,869,000 after acquiring an additional 649 shares during the period. Empowered Funds LLC increased its position in shares of California Resources by 84.3% during the fourth quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer's stock worth $2,539,000 after buying an additional 22,383 shares during the period. Finally, Blue Trust Inc. increased its position in shares of California Resources by 518.4% during the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer's stock worth $88,000 after buying an additional 1,410 shares during the period. Institutional investors own 97.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRC. Mizuho cut their target price on shares of California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. 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. Barclays boosted their price target on shares of California Resources from $47.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Finally, Roth Capital reissued a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, California Resources presently has an average rating of "Moderate Buy" and a consensus target price of $60.36.

California Resources Trading Down 0.4%

Shares of California Resources stock traded down $0.18 during trading on Friday, reaching $42.07. The company's stock had a trading volume of 441,794 shares, compared to its average volume of 869,598. California Resources Co. has a 52-week low of $30.97 and a 52-week high of $60.41. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 6.63, a PEG ratio of 1.02 and a beta of 1.06. The firm's 50-day moving average is $38.98 and its two-hundred day moving average is $47.06. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, beating 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 company had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. During the same period in the prior year, the business posted $0.75 EPS. The firm's revenue was up 100.9% compared to the same quarter last year. On average, sell-side analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

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 issued a $0.3875 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.68%. California Resources's dividend payout ratio (DPR) is presently 28.13%.

Insiders Place Their Bets

In other California Resources news, Director James N. Chapman acquired 2,000 shares of the business's stock in a transaction on Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the acquisition, the director now owns 43,445 shares in the company, valued at $1,712,601.90. This trade represents a 4.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.