Zurcher Kantonalbank Zurich Cantonalbank Increases Position in California Resources Co. (NYSE:CRC)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in California Resources Co. (NYSE:CRC) by 37.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 16,930 shares of the oil and gas producer’s stock after buying an additional 4,613 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in California Resources were worth $878,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Atria Investments Inc acquired a new stake in shares of California Resources in the 3rd quarter worth $209,000. KBC Group NV lifted its stake in shares of California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after acquiring an additional 431 shares during the period. Natixis Advisors LLC acquired a new stake in shares of California Resources in the 3rd quarter worth $579,000. Swiss National Bank lifted its stake in shares of California Resources by 12.7% in the 3rd quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock worth $6,396,000 after acquiring an additional 13,700 shares during the period. Finally, Quest Partners LLC acquired a new stake in shares of California Resources in the 3rd quarter worth $499,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at California Resources

In related news, Director James N. Chapman acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was bought at an average price of $39.42 per share, with a total value of $78,840.00. Following the purchase, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. The trade was a 4.83 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.63% of the company’s stock.

California Resources Stock Down 1.1 %

CRC stock opened at $44.34 on Friday. The company’s 50 day simple moving average is $47.58 and its 200-day simple moving average is $51.36. The firm has a market capitalization of $4.02 billion, a PE ratio of 6.98, a P/E/G ratio of 1.02 and a beta of 1.06. California Resources Co. has a 12 month low of $38.02 and a 12 month high of $60.41. 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 (NYSE:CRC) last released its quarterly 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 business had revenue of $877.00 million during the quarter, compared to analyst estimates of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. Equities analysts expect that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Monday, March 10th will be issued a dividend of $0.3875 per share. The ex-dividend date is Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.50%. California Resources’s dividend payout ratio (DPR) is presently 37.71%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRC. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Barclays cut 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 report on Wednesday, March 5th. TD Cowen boosted their price objective on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Tuesday, January 14th. Finally, Truist Financial started coverage on California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.08.

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.