Rhumbline Advisers Boosts Stake in California Resources Co. (NYSE:CRC)

Rhumbline Advisers lifted its holdings in shares of California Resources Co. (NYSE:CRC) by 5.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 214,736 shares of the oil and gas producer’s stock after purchasing an additional 11,547 shares during the quarter. Rhumbline Advisers owned about 0.24% of California Resources worth $11,143,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Louisiana State Employees Retirement System boosted its stake in California Resources by 3.0% during the fourth quarter. Louisiana State Employees Retirement System now owns 34,600 shares of the oil and gas producer’s stock worth $1,795,000 after buying an additional 1,000 shares during the period. Entropy Technologies LP purchased a new position in shares of California Resources during the 4th quarter worth approximately $841,000. Empowered Funds LLC increased its holdings in California Resources by 84.3% in the 4th quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer’s stock valued at $2,539,000 after purchasing an additional 22,383 shares during the last quarter. Vest Financial LLC raised its position in California Resources by 27.8% in the fourth quarter. Vest Financial LLC now owns 688,746 shares of the oil and gas producer’s stock valued at $35,739,000 after purchasing an additional 149,737 shares during the period. Finally, State of Alaska Department of Revenue lifted its stake in California Resources by 2.4% during the fourth quarter. State of Alaska Department of Revenue now owns 40,652 shares of the oil and gas producer’s stock worth $2,109,000 after purchasing an additional 947 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the sale, the executive vice president now owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.03% of the company’s stock.

California Resources Trading Down 3.0 %

NYSE:CRC opened at $47.32 on Monday. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of 7.45, a PEG ratio of 1.02 and a beta of 1.04. California Resources Co. has a 1 year low of $43.09 and a 1 year high of $60.41. The stock has a fifty day moving average price of $50.90 and a two-hundred day moving average price of $52.38. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

Analysts Set New Price Targets

Several research analysts recently commented on CRC shares. JPMorgan Chase & Co. began coverage on California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price target on shares of California Resources in a research report on Tuesday, January 14th. TD Cowen increased their price objective on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Truist Financial started coverage on California Resources in a report on Monday, January 13th. They set a “buy” rating and a $75.00 price target on the stock. Finally, StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.25.

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.