California Resources Co. (NYSE:CRC) Shares Bought by Citigroup Inc.

Citigroup Inc. raised its position in California Resources Co. (NYSE:CRC – Get Rating) by 14.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 109,041 shares of the oil and gas producer’s stock after acquiring an additional 13,896 shares during the period. Citigroup Inc.’s holdings in California Resources were worth $4,744,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC boosted its stake in California Resources by 2.8% in the fourth quarter. SG Americas Securities LLC now owns 9,370 shares of the oil and gas producer’s stock valued at $408,000 after acquiring an additional 251 shares in the last quarter. Assetmark Inc. lifted its stake in shares of California Resources by 41.0% during the third quarter. Assetmark Inc. now owns 976 shares of the oil and gas producer’s stock worth $38,000 after buying an additional 284 shares during the period. Sage Rhino Capital LLC increased its position in shares of California Resources by 1.4% in the 4th quarter. Sage Rhino Capital LLC now owns 24,081 shares of the oil and gas producer’s stock valued at $1,048,000 after acquiring an additional 331 shares during the period. Allspring Global Investments Holdings LLC raised its stake in California Resources by 1.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 33,662 shares of the oil and gas producer’s stock worth $1,465,000 after acquiring an additional 376 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. lifted its position in California Resources by 1.9% during the 4th quarter. Mraz Amerine & Associates Inc. now owns 22,646 shares of the oil and gas producer’s stock worth $985,000 after acquiring an additional 418 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Citigroup lowered their price target on California Resources from $62.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, February 15th. Mizuho lowered their price target on California Resources from $54.00 to $52.00 in a research report on Friday. StockNews.com assumed coverage on California Resources in a research report on Thursday. They set a “hold” rating for the company. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $51.00 to $60.00 in a research report on Friday, February 24th. Finally, Stifel Nicolaus lowered their price target on California Resources from $52.00 to $50.00 in a research report on Friday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.33.

California Resources Stock Performance

Shares of CRC stock opened at $39.24 on Friday. The stock has a market cap of $2.77 billion, a PE ratio of 2.97 and a beta of 1.05. The business has a 50-day simple moving average of $38.93 and a 200-day simple moving average of $41.92. The company has a quick ratio of 1.27, a current ratio of 1.36 and a debt-to-equity ratio of 0.28. California Resources Co. has a 52-week low of $34.02 and a 52-week high of $51.46.

California Resources (NYSE:CRC – Get Rating) last released its quarterly earnings results on Monday, May 1st. The oil and gas producer reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.54. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $746.35 million. California Resources had a return on equity of 26.53% and a net margin of 27.95%. On average, equities analysts expect that California Resources Co. will post 5.55 EPS for the current year.

California Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 16th. Investors of record on Thursday, June 1st will be issued a $0.282 dividend. The ex-dividend date is Wednesday, May 31st. This represents a $1.13 dividend on an annualized basis and a yield of 2.87%. California Resources’s payout ratio is 8.57%.

California Resources Profile

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California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.