iA Global Asset Management Inc. Sells 650 Shares of California Resources Co. (NYSE:CRC)

iA Global Asset Management Inc. reduced its stake in California Resources Co. (NYSE:CRC) by 13.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,220 shares of the oil and gas producer’s stock after selling 650 shares during the period. iA Global Asset Management Inc.’s holdings in California Resources were worth $219,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. R Squared Ltd bought a new position in California Resources during the fourth quarter worth about $31,000. Smartleaf Asset Management LLC lifted its holdings in California Resources by 331.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after acquiring an additional 812 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after acquiring an additional 454 shares in the last quarter. GAMMA Investing LLC lifted its holdings 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 worth $62,000 after acquiring an additional 222 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in California Resources during the third quarter worth about $70,000. 97.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other California Resources 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 acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the acquisition, the director now owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.63% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 target price on shares of California Resources in a report on Tuesday, January 14th. Capital One Financial raised California Resources to a “strong-buy” rating in a research note on Monday, December 9th. JPMorgan Chase & Co. assumed coverage on California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target on the stock. Truist Financial assumed coverage on California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price target on the stock. Finally, Barclays dropped their price target on 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. Three research 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $67.08.

California Resources Price Performance

NYSE:CRC opened at $43.71 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The stock’s 50-day simple moving average is $47.40 and its 200 day simple moving average is $51.31. The company has a market cap of $3.97 billion, a P/E ratio of 6.88, a P/E/G ratio of 1.02 and a beta of 1.06. California Resources Co. has a 52-week low of $38.02 and a 52-week high of $60.41.

California Resources (NYSE:CRC) last posted 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). 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 for the quarter, compared to the consensus estimate of $901.36 million. As a group, sell-side analysts forecast that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend was Monday, March 10th. California Resources’s payout ratio is currently 37.71%.

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.