Prudential Financial Inc. Trims Stock Position in California Resources Co. (NYSE:CRC)

Prudential Financial Inc. cut its holdings in shares of California Resources Co. (NYSE:CRC) by 3.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 211,111 shares of the oil and gas producer’s stock after selling 6,940 shares during the period. Prudential Financial Inc.’s holdings in California Resources were worth $10,955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Weiss Asset Management LP acquired a new position in shares of California Resources in the 3rd quarter valued at about $28,043,000. American Century Companies Inc. lifted its holdings in California Resources by 14.2% in 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 acquiring an additional 290,263 shares during the period. Vanguard Group Inc. boosted its position in California Resources by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock worth $484,953,000 after purchasing an additional 225,620 shares in the last quarter. State Street Corp grew its stake in shares of California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after purchasing an additional 168,278 shares during the period. Finally, Edgestream Partners L.P. purchased a new position in shares of California Resources during the 4th quarter valued at approximately $7,884,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. Truist Financial started coverage on shares of California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 price target on the stock. Barclays dropped their target price on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. JPMorgan Chase & Co. assumed coverage on California Resources in a report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $68.00 price objective on shares of California Resources in a report on Thursday. Finally, Capital One Financial raised California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average price target of $66.92.

California Resources Price Performance

Shares of NYSE CRC opened at $43.80 on Friday. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 6.90, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. California Resources Co. has a 52 week low of $38.02 and a 52 week high of $60.41. The firm has a 50-day simple moving average of $46.42 and a 200-day simple moving average of $51.14. 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) last released its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The business had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. On average, equities analysts predict that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 3.54%. The ex-dividend date was Monday, March 10th. California Resources’s payout ratio is currently 37.71%.

Insiders Place Their Bets

In other news, Director James N. Chapman bought 2,000 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This trade represents a 4.83 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate 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.