Amalgamated Bank Grows Stake in California Resources Co. (NYSE:CRC)

Amalgamated Bank lifted its stake in shares of California Resources Co. (NYSE:CRC) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,867 shares of the oil and gas producer’s stock after purchasing an additional 461 shares during the period. Amalgamated Bank’s holdings in California Resources were worth $1,083,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CRC. R Squared Ltd bought a new position in California Resources during the fourth quarter valued at $31,000. Nisa Investment Advisors LLC boosted its position 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 purchasing an additional 454 shares during the period. GAMMA Investing LLC increased its stake 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 purchasing an additional 222 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of California Resources in the third quarter valued at approximately $70,000. Finally, Blue Trust Inc. lifted its stake in shares of California Resources by 518.4% during the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock valued at $88,000 after buying an additional 1,410 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Trading Down 10.7 %

Shares of California Resources stock opened at $39.86 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources Co. has a 1 year low of $39.17 and a 1 year high of $60.41. The firm has a market cap of $3.64 billion, a PE ratio of 6.28, a PEG ratio of 1.02 and a beta of 1.04. The company has a 50 day simple moving average of $50.02 and a two-hundred day simple moving average of $52.20.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The company 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%. Analysts expect that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other California Resources news, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CRC shares. TD Cowen lifted their price objective on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. JPMorgan Chase & Co. initiated coverage on California Resources in a report on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 target price on shares of California Resources in a report on Tuesday, January 14th. Finally, Truist Financial began coverage on shares of California Resources in a research report on Monday, January 13th. They issued a “buy” rating and a $75.00 price objective for the company. Three equities 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.com, the company 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.