California Resources Co. (NYSE:CRC) Shares Purchased by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC boosted its position in California Resources Co. (NYSE:CRC) by 6.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,475 shares of the oil and gas producer’s stock after purchasing an additional 425 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in California Resources were worth $388,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRC. GAMMA Investing LLC raised its position in shares of California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 371 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in California Resources during the 3rd quarter valued at about $70,000. KBC Group NV raised its holdings in California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after acquiring an additional 431 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in California Resources by 9.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares in the last quarter. Finally, Atria Investments Inc acquired a new position in shares of California Resources during the 3rd quarter worth approximately $209,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Performance

NYSE:CRC opened at $54.34 on Wednesday. The stock has a market capitalization of $4.97 billion, a P/E ratio of 8.56, a PEG ratio of 1.08 and a beta of 1.05. 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 $43.09 and a fifty-two week high of $60.41. The company has a 50 day moving average price of $54.55 and a 200 day moving average price of $52.55.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. During the same period in the previous year, the firm posted $1.02 earnings per share. The company’s revenue was up 194.1% on a year-over-year basis. Equities research analysts forecast that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.3875 per share. The ex-dividend date was Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 2.85%. California Resources’s dividend payout ratio is presently 24.41%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CRC. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price objective on shares of California Resources in a research report on Tuesday, January 14th. Truist Financial started coverage on California Resources in a report on Monday, January 13th. They set a “buy” rating and a $75.00 price target on the stock. Stephens started coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. UBS Group began coverage on shares of California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price on the stock. Finally, Barclays boosted their target price on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Three research 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.25.

Insider Activity

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares of the company’s stock, valued at $475,603.25. This trade represents a 50.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.

About California Resources

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.