Swiss National Bank Acquires 1,400 Shares of California Resources Co. (NYSE:CRC)

Swiss National Bank grew its holdings in California Resources Co. (NYSE:CRC) by 1.1% in the fourth quarter, Holdings Channel reports. The firm owned 123,300 shares of the oil and gas producer’s stock after buying an additional 1,400 shares during the quarter. Swiss National Bank’s holdings in California Resources were worth $6,398,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CRC. Atria Investments Inc bought a new stake in California Resources in the 3rd quarter worth about $209,000. Natixis Advisors LLC purchased a new stake in shares of California Resources during the 3rd quarter valued at about $579,000. Quest Partners LLC bought a new stake in shares of California Resources in the third quarter worth approximately $499,000. Intech Investment Management LLC purchased a new position in shares of California Resources during the third quarter valued at approximately $902,000. Finally, Charles Schwab Investment Management Inc. lifted its position in California Resources by 8.4% during the third 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 during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. 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. Truist Financial assumed coverage on California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 price objective for the company. Barclays lowered their target price on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Finally, TD Cowen raised 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. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and an average target price of $67.08.

Insider Activity at California Resources

In related news, Director James N. Chapman acquired 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the transaction, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.03% of the stock is owned by corporate insiders.

California Resources Stock Performance

CRC opened at $43.71 on Monday. The company has a 50 day simple moving average of $47.40 and a two-hundred day simple moving average of $51.33. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The firm has a market cap of $3.96 billion, a P/E ratio of 6.88, a PEG ratio of 1.02 and a beta of 1.06. California Resources Co. has a 1-year low of $38.02 and a 1-year high of $60.41.

California Resources (NYSE:CRC) last issued its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $877.00 million during 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%. Equities analysts forecast that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend was Monday, March 10th. California Resources’s dividend payout ratio is currently 37.71%.

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.