MetLife Investment Management LLC Cuts Stock Position in California Resources Corporation $CRC

MetLife Investment Management LLC lessened its stake in California Resources Corporation (NYSE:CRC) by 1.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 41,027 shares of the oil and gas producer’s stock after selling 675 shares during the quarter. MetLife Investment Management LLC’s holdings in California Resources were worth $1,804,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its stake in California Resources by 269.4% in the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 316 shares during the last quarter. Lazard Asset Management LLC grew its stake in California Resources by 52,366.7% in the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock valued at $81,000 after purchasing an additional 1,571 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in California Resources in the first quarter valued at about $79,000. Finally, State of Wyoming purchased a new position in California Resources in the fourth quarter valued at about $131,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CRC shares. JPMorgan Chase & Co. upgraded California Resources from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. UBS Group raised their price target on California Resources from $61.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Roth Capital reissued a “buy” rating on shares of California Resources in a report on Saturday, July 19th. Citigroup raised their price target on California Resources from $44.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Finally, Truist Financial raised California Resources to a “strong-buy” rating in a report on Tuesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, California Resources presently has a consensus rating of “Buy” and a consensus price target of $63.00.

California Resources Trading Up 0.6%

California Resources stock opened at $50.00 on Wednesday. The stock has a 50-day moving average price of $48.18 and a 200 day moving average price of $43.88. The company has a market capitalization of $4.18 billion, a price-to-earnings ratio of 6.83 and a beta of 1.16. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $978.00 million during the quarter, compared to analyst estimates of $820.93 million. During the same period last year, the firm posted $0.60 EPS. California Resources’s revenue for the quarter was up 90.3% compared to the same quarter last year. Sell-side analysts anticipate that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Wednesday, August 27th will be given a dividend of $0.3875 per share. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a yield of 3.1%. California Resources’s payout ratio is currently 21.17%.

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.