Sei Investments Co. Sells 875 Shares of California Resources Co. (NYSE:CRC)

Sei Investments Co. reduced its holdings in shares of California Resources Co. (NYSE:CRC) by 2.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 33,356 shares of the oil and gas producer’s stock after selling 875 shares during the period. Sei Investments Co.’s holdings in California Resources were worth $1,731,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC grew its position in California Resources by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after purchasing an additional 55,815 shares in the last quarter. State Street Corp boosted its stake in shares of California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after buying an additional 168,278 shares during the last quarter. Entropy Technologies LP bought a new position in shares of California Resources in the 4th quarter valued at about $841,000. Bank of New York Mellon Corp increased its position in shares of California Resources by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock valued at $38,350,000 after acquiring an additional 14,240 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in California Resources by 1.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer’s stock worth $2,869,000 after acquiring an additional 649 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on CRC shares. JPMorgan Chase & Co. assumed coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price target on the stock. Barclays lowered their target price on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Truist Financial assumed coverage on shares of California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $68.00 price objective on shares of California Resources in a research report on Thursday, March 27th. Finally, Capital One Financial raised shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and an average target price of $66.92.

California Resources Stock Down 14.3 %

California Resources stock opened at $34.80 on Friday. The company’s 50-day moving average price is $45.26 and its two-hundred day moving average price is $50.88. 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 stock has a market cap of $3.15 billion, a P/E ratio of 5.48, a P/E/G ratio of 1.02 and a beta of 1.03. California Resources Co. has a twelve month low of $34.43 and a twelve month high of $60.41.

California Resources (NYSE:CRC) last announced its earnings results 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). The firm had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. As a group, analysts expect that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were given a $0.3875 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.45%. California Resources’s payout ratio is presently 37.71%.

Insider Activity at California Resources

In related news, Director James N. Chapman purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the purchase, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.03% of the stock is currently owned by corporate insiders.

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.