MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Purchases 1,484 Shares of California Resources Co. (NYSE:CRC)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of California Resources Co. (NYSE:CRC) by 3.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 39,269 shares of the oil and gas producer’s stock after buying an additional 1,484 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in California Resources were worth $2,038,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. R Squared Ltd bought a new position in California Resources in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC grew its stake in California Resources by 331.4% in 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 purchasing an additional 812 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in California Resources by 71.6% in 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 purchasing an additional 454 shares in the last quarter. Lazard Asset Management LLC grew its stake in California Resources by 52,366.7% in the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock valued at $81,000 after purchasing an additional 1,571 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in California Resources by 518.4% in the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock valued at $88,000 after purchasing an additional 1,410 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 the company. Truist Financial upgraded California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. Royal Bank of Canada reduced their target price on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Barclays lifted their target price on California Resources from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, May 9th. UBS Group lifted their target price on California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Finally, Citigroup lifted their target price on California Resources from $36.00 to $44.00 and gave the stock a “neutral” rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and a consensus target price of $60.36.

California Resources Stock Performance

NYSE:CRC opened at $42.42 on Thursday. The stock has a market cap of $3.78 billion, a P/E ratio of 6.68, a PEG ratio of 1.02 and a beta of 1.06. The stock has a 50 day simple moving average of $39.03 and a 200 day simple moving average of $47.22. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. California Resources Co. has a 1-year low of $30.97 and a 1-year high of $60.41.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million during the quarter, compared to analysts’ expectations of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm’s revenue for the quarter was up 100.9% compared to the same quarter last year. During the same period last year, the firm posted $0.75 EPS. Research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a dividend of $0.3875 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.65%. California Resources’s payout ratio is currently 28.13%.

Insider Buying and Selling

In related news, Director James N. Chapman acquired 2,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was purchased at an average cost of $39.42 per share, with a total value of $78,840.00. Following the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. The trade was a 4.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.03% of the stock is currently owned by insiders.

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.