Principal Financial Group Inc. Acquires 15,981 Shares of California Resources Co. (NYSE:CRC)

Principal Financial Group Inc. increased its stake in California Resources Co. (NYSE:CRC) by 4.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 376,153 shares of the oil and gas producer’s stock after acquiring an additional 15,981 shares during the quarter. Principal Financial Group Inc. owned 0.41% of California Resources worth $19,519,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Rhumbline Advisers increased its stake in California Resources by 5.7% in the fourth quarter. Rhumbline Advisers now owns 214,736 shares of the oil and gas producer’s stock valued at $11,143,000 after purchasing an additional 11,547 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of California Resources by 3.0% in the 4th quarter. Louisiana State Employees Retirement System now owns 34,600 shares of the oil and gas producer’s stock valued at $1,795,000 after buying an additional 1,000 shares during the period. Entropy Technologies LP bought a new stake in California Resources in the 4th quarter valued at about $841,000. Empowered Funds LLC raised its stake in California Resources by 84.3% during the 4th quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer’s stock worth $2,539,000 after buying an additional 22,383 shares during the period. Finally, Vest Financial LLC boosted its holdings 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 worth $35,739,000 after acquiring an additional 149,737 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Stock Performance

CRC stock opened at $46.54 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The firm has a market cap of $4.25 billion, a PE ratio of 7.33, a P/E/G ratio of 1.02 and a beta of 1.04. The business has a 50 day moving average of $50.76 and a 200-day moving average of $52.37. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $60.41.

Analyst Ratings Changes

CRC has been the subject of several recent research reports. Capital One Financial upgraded California Resources to a “strong-buy” rating in a report on Monday, December 9th. JPMorgan Chase & Co. started coverage on shares of California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 price objective on the stock. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Tuesday, January 14th. Finally, TD Cowen lifted their price target on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Three investment 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 company. According to MarketBeat, California Resources has a consensus rating of “Moderate Buy” and an average price target of $67.25.

Insider Buying and Selling at California Resources

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.03% of the company’s stock.

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.