California Resources Corporation $CRC Stock Acquired by Private Management Group Inc.

Private Management Group Inc. increased its stake in shares of California Resources Corporation (NYSE:CRC) by 3.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 523,755 shares of the oil and gas producer’s stock after buying an additional 17,892 shares during the quarter. Private Management Group Inc. owned 0.59% of California Resources worth $26,607,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CRC. Allspring Global Investments Holdings LLC raised its stake in California Resources by 13.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 431,545 shares of the oil and gas producer’s stock worth $22,294,000 after acquiring an additional 51,142 shares in the last quarter. Beverly Hills Private Wealth LLC grew its holdings in shares of California Resources by 10.1% in the 3rd quarter. Beverly Hills Private Wealth LLC now owns 39,552 shares of the oil and gas producer’s stock worth $2,009,000 after purchasing an additional 3,634 shares during the last quarter. CenterBook Partners LP bought a new stake in shares of California Resources in the 3rd quarter worth about $510,000. Oregon Public Employees Retirement Fund grew its holdings in shares of California Resources by 3.4% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 18,350 shares of the oil and gas producer’s stock worth $932,000 after purchasing an additional 600 shares during the last quarter. Finally, Sage Rhino Capital LLC increased its position in shares of California Resources by 1.8% during the 3rd quarter. Sage Rhino Capital LLC now owns 32,569 shares of the oil and gas producer’s stock worth $1,655,000 after purchasing an additional 564 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Roth Capital reissued a “buy” rating and set a $59.00 price target (up from $58.00) on shares of California Resources in a report on Thursday, September 17th. Weiss Ratings lowered shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, November 4th. Stephens decreased their price objective on shares of California Resources from $93.00 to $91.00 and set an “overweight” rating on the stock in a research note on Friday, September 18th. Stifel Nicolaus initiated coverage on shares of California Resources in a report on Thursday, September 10th. They set a “buy” rating and a $68.00 price objective for the company. Finally, UBS Group reiterated a “buy” rating and issued a $68.00 target price (down from $73.00) on shares of California Resources in a research note on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $74.44.

Insider Activity

In other news, EVP Jay Bys sold 11,907 shares of the company’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president owned 123,703 shares of the company’s stock, valued at $6,679,962. This represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

California Resources Stock Performance

CRC stock opened at $46.88 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.51 and a quick ratio of 0.56. The company has a 50 day moving average price of $53.15 and a 200 day moving average price of $56.94. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98. The stock has a market capitalization of $4.14 billion, a PE ratio of -8.27 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, November 2nd. The oil and gas producer reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.17. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $967.71 million. California Resources had a positive return on equity of 9.56% and a negative net margin of 18.11%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company earned $1.46 EPS. Analysts forecast that California Resources Corporation will post 4.45 EPS for the current year.

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, December 4th. This is an increase from California Resources’s previous quarterly dividend of $0.4050. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.6%. California Resources’s dividend payout ratio is presently -28.57%.

About California Resources

California Resources Corporation is an independent energy company focused on developing and producing oil and natural gas in California. Its operations include exploration, production and management of energy resources, with products that include crude oil, natural gas and natural gas liquids.

The company was formed in 2014 when it separated from Occidental Petroleum. Its activities are concentrated in California, where it operates across several major oil-producing regions. In 2024, California Resources completed its acquisition of Aera Energy, expanding its California operations.

Alongside its traditional energy business, the company is developing carbon management projects through its Carbon TerraVault subsidiary.