California Resources Co. (NYSE:CRC) Stock Position Increased by MetLife Investment Management LLC

MetLife Investment Management LLC lifted its position in California Resources Co. (NYSE:CRC) by 4.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 41,702 shares of the oil and gas producer’s stock after buying an additional 1,802 shares during the period. MetLife Investment Management LLC’s holdings in California Resources were worth $2,164,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CRC. R Squared Ltd acquired a new stake in shares of California Resources during the fourth quarter worth $31,000. Smartleaf Asset Management LLC raised its position 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 worth $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC raised its position 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 worth $56,000 after purchasing an additional 454 shares during the period. GAMMA Investing LLC raised its position 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 worth $62,000 after purchasing an additional 222 shares during the period. Finally, Blue Trust Inc. raised its position in shares of California Resources by 518.4% during the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock worth $88,000 after purchasing an additional 1,410 shares during the period. Institutional investors own 97.79% of the company’s stock.

Insider Activity

In related news, Director James N. Chapman bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the transaction, the director now owns 43,445 shares of the company’s stock, valued at $1,712,601.90. The trade was a 4.83 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Barclays cut their target price on California Resources from $55.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 23rd. Truist Financial began 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. Citigroup downgraded California Resources from a “buy” rating to a “neutral” rating and lowered their price target for the company from $62.00 to $36.00 in a report on Monday, April 7th. Finally, Royal Bank of Canada lowered their price target on California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $62.64.

California Resources Stock Performance

Shares of CRC stock opened at $35.71 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources Co. has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The stock’s 50-day moving average is $40.25 and its two-hundred day moving average is $48.62. The firm has a market cap of $3.24 billion, a P/E ratio of 5.62, a PEG ratio of 1.02 and a beta of 1.03.

California Resources (NYSE:CRC) last released its quarterly 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 firm had revenue of $877.00 million during the quarter, compared to the consensus estimate of $901.36 million. Analysts predict that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were given a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio is 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.