Alliancebernstein L.P. Sells 4,532 Shares of California Resources Co. (NYSE:CRC)

Alliancebernstein L.P. lowered its position in California Resources Co. (NYSE:CRC) by 5.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 78,588 shares of the oil and gas producer’s stock after selling 4,532 shares during the quarter. Alliancebernstein L.P. owned about 0.09% of California Resources worth $4,078,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. MML Investors Services LLC increased its stake in California Resources by 33.6% in the 3rd quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer’s stock worth $377,000 after acquiring an additional 1,808 shares during the last quarter. Geode Capital Management LLC raised its stake 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. Tidal Investments LLC raised its stake in California Resources by 475.8% in the third quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer’s stock valued at $1,586,000 after purchasing an additional 24,981 shares in the last quarter. GAMMA Investing LLC lifted its position in California Resources by 22.8% during the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after purchasing an additional 222 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in California Resources by 14.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 19,288 shares of the oil and gas producer’s stock worth $1,001,000 after buying an additional 2,437 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CRC shares. JPMorgan Chase & Co. initiated coverage on shares of California Resources in a report on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective for the company. Truist Financial initiated coverage on California Resources in a report on Monday, January 13th. They issued a “buy” rating and a $75.00 price objective for the company. Citigroup cut California Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $62.00 to $36.00 in a report on Monday, April 7th. Royal Bank of Canada cut their target price on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Barclays decreased their price target on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $63.83.

California Resources Stock Performance

Shares of NYSE:CRC opened at $34.32 on Monday. 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 has a 50-day moving average price of $43.04 and a 200-day moving average price of $49.99. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 5.40, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03. California Resources Co. has a 12 month low of $30.97 and a 12 month high of $60.41.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The business had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. As a group, equities analysts anticipate that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date was Monday, March 10th. California Resources’s payout ratio is 37.71%.

Insider Activity at California Resources

In related news, Director James N. Chapman acquired 2,000 shares of the stock in a transaction 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 acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.03% of the stock is currently owned by company 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.