Caxton Associates LP Invests $562,000 in California Resources Co. (NYSE:CRC)

Caxton Associates LP bought a new stake in shares of California Resources Co. (NYSE:CRC) in the 2nd quarter, Holdings Channel.com reports. The firm bought 10,555 shares of the oil and gas producer’s stock, valued at approximately $562,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 Asset Management L.P. boosted its stake in shares of California Resources by 2,615.2% during the second quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock valued at $44,865,000 after purchasing an additional 811,963 shares during the period. Samlyn Capital LLC bought a new stake in California Resources during the 2nd quarter valued at $28,566,000. Interval Partners LP purchased a new stake in California Resources during the 2nd quarter valued at $2,213,000. Public Sector Pension Investment Board grew its holdings in California Resources by 6.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 141,211 shares of the oil and gas producer’s stock worth $7,515,000 after acquiring an additional 8,992 shares during the last quarter. Finally, DRW Securities LLC increased its position in shares of California Resources by 356.3% in the second quarter. DRW Securities LLC now owns 19,200 shares of the oil and gas producer’s stock valued at $1,022,000 after acquiring an additional 26,692 shares during the period. 97.79% of the stock is currently owned by institutional investors.

California Resources Price Performance

Shares of CRC opened at $49.76 on Friday. The firm has a market cap of $3.41 billion, a PE ratio of 14.26, a P/E/G ratio of 1.31 and a beta of 0.98. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $58.44. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $50.16 and a two-hundred day simple moving average of $51.12.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). The firm had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The firm’s revenue was down 13.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.53 EPS. On average, equities analysts anticipate that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 3.12%. This is a positive change from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s payout ratio is 44.41%.

Insiders Place Their Bets

In other news, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares of the company’s stock, valued at approximately $916,953. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the vice president now directly owns 17,301 shares in the company, valued at $916,953. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on CRC shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. Citigroup raised their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Barclays reduced their target price on shares of California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price target for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Finally, TD Cowen began coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and a consensus target price of $64.00.

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.