Guggenheim Capital LLC Trims Position in California Resources Co. (NYSE:CRC)

Guggenheim Capital LLC trimmed its position in California Resources Co. (NYSE:CRC) by 6.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,182 shares of the oil and gas producer’s stock after selling 961 shares during the quarter. Guggenheim Capital LLC’s holdings in California Resources were worth $684,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRC. American Century Companies Inc. lifted its stake in California Resources by 14.2% in 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 purchasing an additional 290,263 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of California Resources by 158.7% in the fourth quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer’s stock worth $19,448,000 after buying an additional 229,940 shares in the last quarter. Vanguard Group Inc. boosted its stake in California Resources by 2.5% during 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 buying an additional 225,620 shares during the period. ExodusPoint Capital Management LP purchased a new position in California Resources during the fourth quarter worth about $10,014,000. Finally, Renaissance Technologies LLC increased its stake in California Resources by 278.9% in the 4th quarter. Renaissance Technologies LLC now owns 206,636 shares of the oil and gas producer’s stock worth $10,722,000 after acquiring an additional 152,100 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Up 1.3 %

CRC opened at $35.33 on Friday. California Resources Co. has a 12 month low of $30.97 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 business’s 50-day moving average price is $40.76 and its 200-day moving average price is $48.91. The company has a market cap of $3.20 billion, a P/E ratio of 5.56, a P/E/G ratio of 1.02 and a beta of 1.03.

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

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio (DPR) is presently 37.71%.

Insider Activity

In other California Resources news, Director James N. Chapman purchased 2,000 shares of California Resources stock in a transaction that occurred on Wednesday, March 5th. The shares were bought 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 in the company, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.03% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.