Russell Investments Group Ltd. Has $6.97 Million Stake in California Resources Co. (NYSE:CRC)

Russell Investments Group Ltd. reduced its position in California Resources Co. (NYSE:CRC) by 31.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 127,452 shares of the oil and gas producer’s stock after selling 59,427 shares during the period. Russell Investments Group Ltd. owned approximately 0.19% of California Resources worth $6,969,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. State of New Jersey Common Pension Fund D lifted its stake in California Resources by 9.3% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 48,583 shares of the oil and gas producer’s stock valued at $2,657,000 after acquiring an additional 4,136 shares in the last quarter. Yousif Capital Management LLC increased its holdings in California Resources by 3.6% in the 4th quarter. Yousif Capital Management LLC now owns 33,284 shares of the oil and gas producer’s stock worth $1,820,000 after acquiring an additional 1,151 shares during the last quarter. Jennison Associates LLC purchased a new position in California Resources during the 4th quarter valued at about $5,585,000. Federated Hermes Inc. grew its holdings in California Resources by 1.0% during the 4th quarter. Federated Hermes Inc. now owns 224,799 shares of the oil and gas producer’s stock valued at $12,292,000 after buying an additional 2,148 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in California Resources by 10.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,927 shares of the oil and gas producer’s stock valued at $652,000 after buying an additional 1,115 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CRC shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Mizuho cut their price objective on California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Barclays began coverage on California Resources in a report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price objective for the company. Finally, Stifel Nicolaus boosted their price objective on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.57.

California Resources Stock Performance

Shares of CRC stock opened at $50.09 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. California Resources Co. has a fifty-two week low of $37.21 and a fifty-two week high of $58.44. The company has a market capitalization of $3.44 billion, a P/E ratio of 6.49 and a beta of 1.03. The stock has a 50 day moving average price of $53.89 and a two-hundred day moving average price of $52.59.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.17. The firm had revenue of $454.00 million for the quarter, compared to analysts’ expectations of $490.21 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business’s revenue was down 55.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.63 earnings per share. Analysts expect that California Resources Co. will post 4.64 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.48%. California Resources’s dividend payout ratio is currently 16.06%.

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.