JPMorgan Chase & Co. Cuts Stake in California Resources Co. (NYSE:CRC)

JPMorgan Chase & Co. lessened its stake in shares of California Resources Co. (NYSE:CRC) by 26.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 144,853 shares of the oil and gas producer’s stock after selling 51,385 shares during the period. JPMorgan Chase & Co. owned about 0.16% of California Resources worth $7,600,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its stake in California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 371 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in California Resources in the third quarter worth $70,000. KBC Group NV raised its stake in shares of California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 431 shares during the period. Farther Finance Advisors LLC lifted its position in shares of California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after buying an additional 276 shares during the last quarter. Finally, Atria Investments Inc bought a new position in shares of California Resources during the 3rd quarter worth $209,000. Institutional investors own 97.79% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on CRC shares. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. TD Cowen raised their price target on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Truist Financial started coverage on California Resources in a research note on Monday. They set a “buy” rating and a $75.00 price objective on the stock. UBS Group began coverage on California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price for the company. Finally, Stephens began coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target on the stock. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.25.

Insiders Place Their Bets

In related news, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. The trade was a 34.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the sale, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

California Resources Price Performance

CRC opened at $53.83 on Wednesday. The business has a fifty day moving average of $54.92 and a 200 day moving average of $52.49. The stock has a market cap of $4.92 billion, a P/E ratio of 8.48, a PEG ratio of 1.35 and a beta of 1.05. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $60.41.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company’s quarterly revenue was up 194.1% on a year-over-year basis. During the same period last year, the firm earned $1.02 earnings per share. As a group, sell-side analysts anticipate that California Resources Co. will post 3.58 EPS for the current year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.3875 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a yield of 2.88%. California Resources’s payout ratio is 24.41%.

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.