Corebridge Financial Inc. Sells 2,801 Shares of California Resources Co. (NYSE:CRC)

Corebridge Financial Inc. trimmed its holdings in California Resources Co. (NYSE:CRC) by 7.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 36,820 shares of the oil and gas producer’s stock after selling 2,801 shares during the quarter. Corebridge Financial Inc.’s holdings in California Resources were worth $1,911,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CRC. R Squared Ltd bought a new stake in California Resources in the fourth quarter worth $31,000. Smartleaf Asset Management LLC increased its holdings in shares of 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 worth $53,000 after buying an additional 812 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of California Resources by 71.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after acquiring an additional 454 shares during the last quarter. GAMMA Investing LLC grew its position in California Resources by 22.8% during the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after acquiring an additional 222 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new position in California Resources in the 3rd quarter worth approximately $70,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Performance

Shares of CRC stock opened at $45.56 on Thursday. 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 company’s fifty day moving average price is $45.87 and its 200-day moving average price is $51.08. The stock has a market cap of $4.13 billion, a PE ratio of 7.17, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03. California Resources Co. has a 12 month low of $38.02 and a 12 month high of $60.41.

California Resources (NYSE:CRC) last announced its quarterly earnings data 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. On average, equities analysts expect that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 3.40%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio (DPR) is 37.71%.

Insiders Place Their Bets

In other news, Director James N. Chapman purchased 2,000 shares of California Resources stock in a transaction that occurred on Wednesday, March 5th. The stock was bought at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CRC. JPMorgan Chase & Co. started coverage on California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective for the company. 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 target for the company. Barclays decreased their price objective on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Capital One Financial raised California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $68.00 price target on shares of California Resources in a research report on Thursday, March 27th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.92.

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.