California Resources Co. (NYSE:CRC) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its holdings in California Resources Co. (NYSE:CRC) by 158.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 374,793 shares of the oil and gas producer’s stock after buying an additional 229,940 shares during the period. JPMorgan Chase & Co.’s holdings in California Resources were worth $19,448,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of CRC. Geode Capital Management LLC raised its position in shares of California Resources by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after acquiring an additional 55,815 shares in the last quarter. State Street Corp increased its stake in California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after purchasing an additional 168,278 shares during the last quarter. Entropy Technologies LP acquired a new stake in California Resources during the fourth quarter worth approximately $841,000. Bank of New York Mellon Corp lifted its position in shares of California Resources by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock worth $38,350,000 after buying an additional 14,240 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of California Resources by 1.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer’s stock valued at $2,869,000 after buying an additional 649 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at California Resources

In related news, Director James N. Chapman acquired 2,000 shares of California Resources 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 completion of the purchase, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.03% of the company’s stock.

California Resources Stock Performance

NYSE:CRC opened at $33.43 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 5.26, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03. The firm’s fifty day moving average price is $43.33 and its 200 day moving average price is $50.11. California Resources Co. has a 1-year low of $30.97 and a 1-year high of $60.41.

California Resources (NYSE:CRC) last issued its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. On average, sell-side analysts expect that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio (DPR) is 37.71%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $68.00 price target on shares of California Resources in a research note on Thursday, March 27th. Barclays cut 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. initiated coverage on California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price for the company. Truist Financial initiated coverage on California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 price target on the stock. Finally, Citigroup cut California Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $62.00 to $36.00 in a research note on Monday. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average target price of $64.50.

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.