Clear Harbor Asset Management LLC Raises Stake in California Resources Co. (NYSE:CRC)

Clear Harbor Asset Management LLC raised its position in California Resources Co. (NYSE:CRC) by 6.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,475 shares of the oil and gas producer’s stock after purchasing an additional 425 shares during the period. Clear Harbor Asset Management LLC’s holdings in California Resources were worth $388,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its holdings in California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 371 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of California Resources in the 3rd quarter valued at about $70,000. KBC Group NV increased its holdings in shares of California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after acquiring an additional 431 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after acquiring an additional 276 shares in the last quarter. Finally, Atria Investments Inc purchased a new stake in California Resources during the third quarter worth approximately $209,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by insiders.

California Resources Trading Up 1.3 %

NYSE:CRC opened at $54.34 on Wednesday. California Resources Co. has a 12-month low of $43.09 and a 12-month 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 stock’s 50 day simple moving average is $54.55 and its 200-day simple moving average is $52.55. The firm has a market cap of $4.97 billion, a P/E ratio of 8.56, a PEG ratio of 1.08 and a beta of 1.05.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.62. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. California Resources’s revenue was up 194.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.02 EPS. Equities analysts anticipate that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s dividend payout ratio is presently 24.41%.

Analyst Ratings Changes

Several brokerages have commented on CRC. JPMorgan Chase & Co. started coverage on shares of California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target on the stock. Jefferies Financial Group started coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price target on the stock. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Truist Financial started coverage on California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 target price on the stock. Finally, Capital One Financial raised California Resources to a “strong-buy” rating in a research report on Monday, December 9th. 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.25.

California Resources 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.