Penn Capital Management Company LLC Acquires 9,015 Shares of California Resources Co. (NYSE:CRC)

Penn Capital Management Company LLC increased its position in California Resources Co. (NYSE:CRC) by 4.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 202,328 shares of the oil and gas producer’s stock after purchasing an additional 9,015 shares during the quarter. Penn Capital Management Company LLC owned approximately 0.22% of California Resources worth $10,499,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CRC. Vanguard Group Inc. grew its stake in California Resources by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock valued at $484,953,000 after acquiring an additional 225,620 shares during the period. First Trust Advisors LP grew its holdings in California Resources by 14.2% during the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after purchasing an additional 845,694 shares during the period. American Century Companies Inc. boosted its stake in shares of California Resources by 14.2% during the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock worth $120,785,000 after acquiring an additional 290,263 shares during the period. Geode Capital Management LLC increased its holdings in shares of California Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer’s stock valued at $83,344,000 after purchasing an additional 13,116 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in California Resources by 5.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,816 shares of the oil and gas producer’s stock valued at $53,541,000 after acquiring an additional 57,614 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Transactions at California Resources

In other news, Director James N. Chapman purchased 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This represents a 4.83 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Citigroup lowered shares of California Resources from a “buy” rating to a “neutral” rating and decreased their target price for the company from $62.00 to $36.00 in a report on Monday, April 7th. Barclays cut their target price on shares of California Resources from $55.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Truist Financial assumed coverage on California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 price objective for the company. Finally, Royal Bank of Canada decreased their price target on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, April 11th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.64.

California Resources Price Performance

CRC stock opened at $34.88 on Thursday. The firm has a 50 day moving average price of $41.02 and a 200-day moving average price of $49.04. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 5.49, a PEG ratio of 1.02 and a beta of 1.03. California Resources Co. has a 52-week low of $30.97 and a 52-week high of $60.41. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

California Resources (NYSE:CRC) last issued its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. Equities research analysts forecast that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were given a dividend of $0.3875 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 4.44%. California Resources’s 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.