Clark Capital Management Group Inc. Increases Stake in California Resources Co. (NYSE:CRC)

Clark Capital Management Group Inc. grew its holdings in shares of California Resources Co. (NYSE:CRC) by 131.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,591 shares of the oil and gas producer’s stock after acquiring an additional 46,404 shares during the period. Clark Capital Management Group Inc. owned about 0.09% of California Resources worth $4,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of California Resources by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock valued at $484,953,000 after buying an additional 225,620 shares in the last quarter. First Trust Advisors LP increased its stake in California Resources by 14.2% in the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after buying an additional 845,694 shares in the last quarter. American Century Companies Inc. lifted its position in shares of 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 in the last quarter. Geode Capital Management LLC boosted its stake in shares of California Resources by 0.8% in 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 during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in California Resources by 5.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,816 shares of the oil and gas producer’s stock valued at $53,541,000 after purchasing an additional 57,614 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRC has been the subject of a number of research analyst reports. Barclays cut their price objective on shares of California Resources from $55.00 to $47.00 and set an “equal weight” rating for the company in a report on Wednesday, April 23rd. Roth Capital restated a “buy” rating on shares of California Resources in a report on Wednesday. Royal Bank of Canada decreased their price objective on California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. UBS Group raised their target price on shares of California Resources from $49.00 to $51.00 and gave the company a “buy” rating in a report on Thursday. Finally, Truist Financial upgraded shares of California Resources to a “strong-buy” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $59.73.

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 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 purchase, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.03% of the company’s stock.

California Resources Price Performance

Shares of CRC opened at $40.75 on Friday. The company has a market capitalization of $3.69 billion, a P/E ratio of 6.42, a P/E/G ratio of 1.02 and a beta of 1.06. The business’s 50-day moving average is $38.83 and its two-hundred day moving average is $47.82. 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 quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million for 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%. The business’s quarterly revenue was up 100.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.75 EPS. Research analysts predict that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The company 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 is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a yield of 3.80%. California Resources’s payout ratio is 28.13%.

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.