KBC Group NV Grows Stock Position in California Resources Co. (NYSE:CRC)

KBC Group NV boosted its holdings in California Resources Co. (NYSE:CRC) by 32.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,526 shares of the oil and gas producer’s stock after buying an additional 616 shares during the period. KBC Group NV’s holdings in California Resources were worth $131,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of California Resources by 22.8% in the fourth 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. Farther Finance Advisors LLC raised its stake in California Resources by 9.4% during the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares during the period. Clear Harbor Asset Management LLC boosted its holdings in shares of California Resources by 6.0% in the 4th quarter. Clear Harbor Asset Management LLC now owns 7,475 shares of the oil and gas producer’s stock valued at $388,000 after purchasing an additional 425 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of California Resources by 71.6% during 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 buying an additional 454 shares during the period. Finally, Amalgamated Bank increased its holdings in shares of California Resources by 3.1% during the 3rd quarter. Amalgamated Bank now owns 20,406 shares of the oil and gas producer’s stock worth $1,071,000 after buying an additional 605 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Performance

California Resources stock opened at $47.90 on Friday. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of 7.54, a price-to-earnings-growth ratio of 1.01 and a beta of 1.04. The firm’s fifty day moving average price is $52.71 and its 200 day moving average price is $52.42.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company’s revenue for the quarter was up 194.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 earnings per share. On average, research analysts forecast that California Resources Co. will post 3.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.03% of the stock is owned by company insiders.

Analyst Ratings Changes

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

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.