State of Tennessee Department of Treasury Has $1.24 Million Stake in California Resources Co. (NYSE:CRC)

State of Tennessee Department of Treasury grew its holdings in shares of California Resources Co. (NYSE:CRC) by 13.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,954 shares of the oil and gas producer’s stock after acquiring an additional 2,900 shares during the quarter. State of Tennessee Department of Treasury’s holdings in California Resources were worth $1,243,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in California Resources by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock worth $484,953,000 after acquiring an additional 225,620 shares in the last quarter. First Trust Advisors LP raised its stake 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 worth $353,800,000 after acquiring an additional 845,694 shares in the last quarter. American Century Companies Inc. raised its stake 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 worth $120,785,000 after acquiring an additional 290,263 shares in the last quarter. Geode Capital Management LLC raised its stake in California Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer’s stock worth $83,344,000 after acquiring an additional 13,116 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in California Resources by 5.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,031,816 shares of the oil and gas producer’s stock worth $53,541,000 after acquiring an additional 57,614 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

CRC has been the subject of several research analyst reports. Truist Financial started coverage on California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 target price for the company. Bank of America lowered their price objective on California Resources from $64.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday. Barclays lowered their price objective on California Resources from $55.00 to $47.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 23rd. Citigroup downgraded California Resources from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $62.00 to $36.00 in a research note on Monday, April 7th. Finally, Royal Bank of Canada lowered their price objective on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, California Resources currently has an average rating of “Moderate Buy” and an average price target of $61.27.

Insiders Place Their Bets

In other California Resources news, Director James N. Chapman purchased 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were purchased at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.03% of the company’s stock.

California Resources Stock Performance

NYSE:CRC opened at $34.51 on Thursday. The company has a market capitalization of $3.13 billion, a PE ratio of 5.43, a P/E/G ratio of 1.02 and a beta of 1.03. The company has a 50 day simple moving average of $39.72 and a two-hundred day simple moving average of $48.43. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. California Resources Co. has a fifty-two week low of $30.97 and a fifty-two week high of $60.41.

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 firm had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. Research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date was Monday, March 10th. California Resources’s payout ratio is 37.71%.

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.