California Resources Co. (NYSE:CRC) Stock Holdings Lifted by Sourcerock Group LLC

Sourcerock Group LLC lifted its position in California Resources Co. (NYSE:CRC - Free Report) by 6.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,084,947 shares of the oil and gas producer's stock after purchasing an additional 65,981 shares during the quarter. California Resources comprises about 4.0% of Sourcerock Group LLC's investment portfolio, making the stock its 8th biggest position. Sourcerock Group LLC owned about 1.19% of California Resources worth $56,298,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. First Trust Advisors LP lifted its position in California Resources by 14.2% during 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 last quarter. Palo Duro Investment Partners LP bought a new position in California Resources during the fourth quarter valued at $20,752,000. American Century Companies Inc. lifted its position in California Resources by 14.2% during 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 last quarter. Balyasny Asset Management L.P. lifted its position in California Resources by 285.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer's stock valued at $16,532,000 after purchasing an additional 235,955 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in California Resources by 158.7% during the fourth quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer's stock valued at $19,448,000 after purchasing an additional 229,940 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

California Resources Trading Down 0.4%

CRC stock traded down $0.18 during midday 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. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The stock has a fifty day simple moving average of $38.98 and a two-hundred day simple moving average of $47.06. California Resources Co. has a 1 year low of $30.97 and a 1 year high of $60.41. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 6.63, a PEG ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. The firm had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. California Resources's quarterly revenue was up 100.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.75 earnings per share. On average, equities research analysts predict that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors 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 3.68%. California Resources's payout ratio is 28.13%.

Analyst Upgrades and Downgrades

Several research firms have commented on CRC. 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 report on Thursday, May 8th. Bank of America decreased their price target on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Truist Financial upgraded California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. Royal Bank of Canada dropped their price target on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. Finally, Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, California Resources has an average rating of "Moderate Buy" and an average target price of $60.36.

Insider Activity at California Resources

In other news, Director James N. Chapman purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was purchased 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 of the company's stock, valued at approximately $1,712,601.90. This trade represents a 4.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.03% of the stock is owned by company insiders.

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.