Thrivent Financial for Lutherans Increases Stock Position in California Resources Co. (NYSE:CRC)

Thrivent Financial for Lutherans increased its position in California Resources Co. (NYSE:CRC) by 1.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 55,289 shares of the oil and gas producer’s stock after buying an additional 649 shares during the period. Thrivent Financial for Lutherans’ holdings in California Resources were worth $2,869,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after purchasing an additional 55,815 shares during the period. Swiss National Bank lifted its position in California Resources by 12.7% during the third quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock valued at $6,396,000 after buying an additional 13,700 shares in the last quarter. Natixis Advisors LLC purchased a new stake in California Resources during the third quarter worth approximately $579,000. State Street Corp increased its position in shares of California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after acquiring an additional 168,278 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in California Resources by 8.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock valued at $51,116,000 after purchasing an additional 75,606 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CRC shares. Capital One Financial upgraded California Resources to a “strong-buy” rating in a report on Monday, December 9th. JPMorgan Chase & Co. initiated coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 target price on the stock. Truist Financial started coverage on California Resources in a report on Monday, January 13th. They issued a “buy” rating and a $75.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research report on Tuesday, January 14th. Finally, Barclays dropped their price target on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.08.

California Resources Price Performance

Shares of NYSE:CRC opened at $44.55 on Thursday. The company has a market cap of $4.04 billion, a PE ratio of 7.02, a P/E/G ratio of 1.02 and a beta of 1.06. California Resources Co. has a fifty-two week low of $38.02 and a fifty-two week high of $60.41. The firm has a 50-day simple moving average of $46.81 and a 200 day simple moving average of $51.21. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate 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 net margin of 17.43% and a return on equity of 12.16%. On average, sell-side analysts anticipate that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors 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 annualized dividend and a yield of 3.48%. California Resources’s dividend payout ratio is presently 37.71%.

Insiders Place Their Bets

In other California Resources news, Director James N. Chapman acquired 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This represents a 4.83 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.03% of the stock is owned by insiders.

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.