Charles Schwab Investment Management Inc. Acquires 57,614 Shares of California Resources Co. (NYSE:CRC)

Charles Schwab Investment Management Inc. grew its holdings in shares of California Resources Co. (NYSE:CRC) by 5.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,031,816 shares of the oil and gas producer’s stock after acquiring an additional 57,614 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in California Resources were worth $53,541,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. R Squared Ltd acquired a new stake in California Resources during the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC lifted its stake in California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after acquiring an additional 812 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of California Resources by 71.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after purchasing an additional 454 shares during the last quarter. GAMMA Investing LLC increased its holdings in California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after acquiring an additional 222 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in California Resources in the 3rd quarter worth about $70,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. JPMorgan Chase & Co. started coverage on California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target on the stock. Capital One Financial upgraded California Resources to a “strong-buy” rating in a research report on Monday, December 9th. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Truist Financial assumed coverage on California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 target price for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $70.00 price target on shares of California Resources in a research note on Tuesday, January 14th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, California Resources presently has an average rating of “Moderate Buy” and a consensus price target of $67.08.

Insider Activity

In other California Resources news, Director James N. Chapman bought 2,000 shares of California Resources stock in a transaction that occurred on Wednesday, March 5th. The stock was purchased at an average cost 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 represents a 4.83 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.03% of the company’s stock.

California Resources Trading Down 1.6 %

Shares of CRC opened at $41.98 on Friday. The stock has a fifty day moving average of $48.43 and a two-hundred day moving average of $51.66. 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 company has a market capitalization of $3.81 billion, a PE ratio of 6.61, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. California Resources Co. has a fifty-two week low of $38.02 and a fifty-two week high of $60.41.

California Resources (NYSE:CRC) last announced its quarterly 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 for 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%. As a group, analysts forecast that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Monday, March 10th will be paid a $0.3875 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 3.69%. California Resources’s payout ratio is currently 37.71%.

California Resources Company 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.