Whittier Trust Co. Takes Position in California Resources Co. (NYSE:CRC)

Whittier Trust Co. acquired a new stake in shares of California Resources Co. (NYSE:CRC) during the 4th quarter, Holdings Channel reports. The fund acquired 3,000 shares of the oil and gas producer’s stock, valued at approximately $156,000.

Several other institutional investors and hedge funds have also modified their holdings of CRC. R Squared Ltd purchased a new position in shares of California Resources during the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC lifted its stake in shares of California Resources by 331.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after buying an additional 812 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after buying an additional 454 shares during the period. GAMMA Investing LLC lifted its stake in shares of California Resources by 22.8% during the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after buying an additional 222 shares during the period. Finally, Point72 DIFC Ltd purchased a new position in shares of California Resources during the third quarter valued at approximately $70,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRC. JPMorgan Chase & Co. began coverage on shares of California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective on the stock. TD Cowen increased their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Truist Financial initiated coverage on shares of California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 price target on the stock. Barclays cut their price target on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada reaffirmed 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and a consensus target price of $67.08.

Insider Activity at California Resources

In other news, Director James N. Chapman purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the acquisition, the director now 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.03% of the company’s stock.

California Resources Stock Performance

Shares of CRC stock opened at $43.71 on Monday. The company’s fifty day simple moving average is $47.40 and its 200-day simple moving average is $51.33. California Resources Co. has a 52 week low of $38.02 and a 52 week high of $60.41. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $3.96 billion, a PE ratio of 6.88, a P/E/G ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last issued its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. As a group, equities research analysts anticipate that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend was Monday, March 10th. California Resources’s payout ratio is 37.71%.

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.